Snap (NYSE:SNAP) stock is taking a beating on Thursday ahead of the company’s earnings report for the fourth quarter of 2021.
Snap will release its earnings report after markets close today. The company also intends to hold a conference call covering its current earnings results at 5:00 p.m. Eastern Time.
But that doesn’t explain why SNAP stock is already plummeting. Instead, we have to look at one of its rivals for an answer.
Meta Platforms (NASDAQ:FB), previously Facebook, released its earnings report after-hours yesterday. The company didn’t perform well and shares of FB stock are taking a beating today as a result.
It looks like we’re seeing SNAP stock fall ahead of earnings as investors fear negative results from the social media platform. That’s not too surprising. Considering Meta Platforms is a leader in this space, it only makes sense other stocks in the sector would slip alongside its poor Q4 performance.
Snap isn’t the only social media company seeing its shares drop today along with FB stock today. Pinterest (NYSE:PINS) is seeing its stock fall today as well. That also comes as it prepares to release earnings for the fourth quarter of 2021 after today’s closing bell.
It’s fair to say the Meta Platforms earnings definitely have investors in SNAP stock scared today. The blow to the stock comes as some 62 million shares change hands. For the record, that’s well above the company’s daily average trading volume of 20.5 million shares.
SNAP stock is down 22.2% as of Thursday afternoon.
There’s more stock market news that investors will want to know about below!
InvestorPlace is home to all the latest stock news that traders need to know about for Thursday! Among that is T-Mobile US (NASDAQ:TMUS) stock jumping on earnings, news on a Tesla (NASDAQ:TSLA) recall, as well as the latest AMC Entertainment (NYSE:AMC) stock news. You can find all of that info at the following links!
More Stock Market News for Thursday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
