Snap Crashes by 30 Percent

The value disappears faster than Snapchat’s messages. Snap Inc stocks were down 30% on Friday morning (October 21) after the company published abysmal financial results.

The sales and average revenue per user –  all came below expectations. We reported a few days ago that Snap Inc. soars over 7 Percent. Today (October 21), even though the earnings per share beat the forecast (8 cents vs. 2 cent loss), Snap is plummeting.

Snap crashes by 30 percent suddenly on Friday, October 21, 2022 (Source: SimpleFX).

The stock closed at $10.77 on Thursday, October 20. They are trading at $7.55 at the moment. Investors are exiting the asset as the revenue growth turned out to be flat, which kills the future potential of the tech company. However, traders should remember that it’s all about the price. Snap may have already reached an attractive level.

Read also:

Alcoa Jumps 9 Percent

Weekly Financial Update: October 13-21, 2022

Chinese Banks Get Rid Of Dollars On Swap Markets