Snap shares tumbled more than 6 percent to an all-time low Tuesday after a Wall Street analyst said the Snapchat parent was in danger of running out of cash by 2020.

Last week, the Venice, Calif.-based Snapchat owner’s 27-year-old chief executive, Evan Spiegel, told employees in a 15-page memo that the company is gunning for “full-year profitability” in 2019.

Instead, Snap is poised to fall “woefully short” of that goal, losing a projected $1.5 billion next year, according to Michael Nathanson of research boutique MoffettNathanson.

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