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After the social media giant Snap released its Q2 numbers yesterday, the price had a minor breakdown, sending investors into shock this afternoon.

Credit @socialmedia

As investors adjust their expectations for the firm's future performance, the price of the stock is currently down roughly 40% for the day.

Credit @socialmedia

Their stock is currently trading below $10 after yesterday's close of just under $16.50.

Credit @socialmedia

The company has lost tens of billions in market cap value after reaching an all-time high of $83.34 in September of last year, plummeting more drastically than troubled, volatile cryptocurrencies like Bitcoin.

Credit @socialmedia

How did Snap succeed in alarming investors so much?

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In addition to missing revenue projections, the business, as we previously reported, opted not to provide guidance for next quarters due to "uncertainties connected to the operational environment."

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Last year, Snap was on a roll, enjoying a profit multiple that some analysts believed was unsustainable but others saw as a sign of high expectations for the business in comparison to its rivals.

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In the midst of a larger selloff in tech stocks, several tech stocks have had significant stock price declines, but Snap has now dropped considerably more significantly relative to its peers in the social media space, such as Twitter and Meta.

Credit @socialmedia

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