Are these numbers good? For Q2, Snap ($SNAP) reported numbers that beat analyst estimates, but the social messaging company still had a free cash flow loss of $103 million. With the after-hours rally above $16, the stock now has a market cap of $25 billion and trades at about 12x 2020 revenues. Investors are getting too aggressive on Snap with the company still burning massive amounts of cash for a company with less than $400 million in quarterly revenue. Disclosure: No position