Snap stock is facing a double-digit sell-off after earnings for the 5th straight quarter. Here's why investors are panicking.
Shares of the Snapchat parent crashed as much as 20% on Wednesday, marking the fifth consecutive quarter that the stock declined by double-digits after earnings. By midday in New York, Snap stock changed hands at about $10.10 per share.
Snap stock remains up about 14% this year, but it's nearly 90% its peak reached in November 2021. The company has faced slowing user growth and broad layoffs that reduced headcount by about 20%, similar to other tech firms in the last year.
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