Snap Up, Zuck Down
The world is changing, and oh, how the tables have turned. On Thursday, Snap showed up behemoth-sized rival Meta, formerly known as Facebook, by reporting a profit for the first time as a public company.
Meta, on the other hand, experienced the worst crash in stock market history, losing $251 billion in value in one day.Snap’s good fortunes were an unexpected bright spot on Thursday, which was dominated by Meta’s deep dive. Although its profit was modest—or $23 million in the last quarter of 2021, compared to $4.1 billion in revenue for the year—the results marked an important turning point., reporting 319 million daily active users in the last quarter of 2021, an increase of 54 million year-over-year.
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