Why Snap Inc. Fell 10% in November

Shares of Snap Inc. (NYSE: SNAP) tumbled 10.1% in November, according to data from S&P Global Market Intelligence, after the company reported disappointing earnings in the third quarter and took a writedown for unsold Spectacles inventory.

Snap managed to increase its top line by 62% in the third quarter, to nearly $208 million and grew its daily active users to 178 million, up 17% from the year-ago quarter. But the company saw its net losses widen to $443 million, a further drop from a loss of $124 million in the third quarter of 2016. Analysts were expecting Snap to lose $0.33 per share, but Snap's earnings came in a bit lower at a loss of $0.36.

Image source: Snap Inc.

Source: Fool.com