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Snap Stock Update: Snap, whose shares nearly doubled last year, was on track to lose roughly $9.2 billion in market value, based on its share price of $11.83 on Wednesday. Rival Pinterest also fell nearly 1.8%.
The company's fourth-quarter revenue missed Wall Street expectations, with the company struggling to compete for advertising dollars against heavyweights such as Meta and Alphabet. The Snapchat owner's results are in contrast to strong advertising sales that rivals reported, a sign that advertisers are gravitating towards larger, stable companies amid an uncertain economy.
A survey of North American equities heading in both directions