Tech Takes a Dip

Snapchat reported earnings after the bell Thursday and it was not pretty. They reported worse than expected revenue of $1.11 billion vs. $1.14 billion. This was enough to send the stock plummeting. 

Friday morning Snapchat's stock price fell over 35%, hovering just above $10. Snapchat investors have been whipsawed the entire year, but have especially taken a brutal beating over the past few months. 

The company did however post higher daily active users, bringing the number to 347 million. Finance.Yahoo This brings into question companies like Facebook and other social medias. Could this be an indicator of their performance over the past quarter? 

Currently, Meta is seeing some selling pressure as well with it being down over 5%. 

What could the second half of the year look like for these social apps? Snapchat may have fallen short of revenue estimates, but what would happen if we see a large decline in users?