Motley Fool
Why Snap Stock Just Collapsed
Following Meta Platforms’ (NASDAQ: FB) flop of an earnings report last night, shares of rival social media stock Snap (NYSE: SNAP) suffered a sympathetic crash. As of 11:20 a.m. ET Thursday morning, Meta stock was down 24.5%, and Snap was down 20.5%. Meta Platforms missed on earnings, only barely beat on sales estimates for the fourth quarter of 2021, and predicted as much as a 10% sales miss for the first quarter of 2022.