One of the responses to that tweet stated that they are allowed to share their earnings to reporters early with a non-disclosure agreement[0]
[0] https://twitter.com/campuscodi/status/1186768962362568704
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What could go wrong with that pracfice?
Some hackers could break in and steal the press releases and make $100M selling them to stock traders. In fact they hacked Business Wire, which was in charge of Snap's earnings release today.
https://www.theverge.com/2018/8/22/17716622/sec-business-wir...
Let's say hackers get info that Snap is about to miss earnings. They sell the info to someone who has the money to trade, that person shorts snap, makes a tonne of money but obviously moves the market. The SEC go "Hmmm... why did snap tick down before the earnings were reported, let's go arrest the guys who made that trade".
1. SNAP is a fairly liquid stock so even shorting a lot won’t move the market very much.
2. It is the day of earnings and typically there is more volume than usual that day, especially in the last hour.
3. Lots of people make (and lose) money the day of earnings. Are you going to arrest everyone who made the right large bet on a stock before earnings? If so that prison is going to very full
We have recent evidence that they're not very good at doing that anymore. Just look at Equifax and Intel, or the recent stories about how people are most likely playing the entire market based on advanced notice on what Donald Trump's tweets are going to do to the market.
Sadly- we can’t disclose.