Snap's Bleak Earnings Just Crashed Its Stock – Again – Markets Insider

Snap stock dropped as much as 20% on Wednesday following bleak earnings. It’s the fifth consecutive quarter the Snapchat parent has seen a double-digit decline after earnings. The stock is down almost 90% from its peak in 2021.  Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. Snap is making a habit of scaring investors with earnings reports.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.Late Tuesday, the company reported second-quarter results that beat forecasts on the top and bottom lines, but its guidance for third-quarter sales was $1.07 billion-$1.13 billion, largely below analysts’ views for $1.13 billion. 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. “We are excited by the progress we have made delivering increased return on investment for our advertising partners
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