Shares of (NYSE: SNAP) plunged 30.7% lower in February 2024, according to data from S&P Global Market Intelligence. The sharp move hinged on the Snapchat company's fourth-quarter earnings report, with a single-day price drop of 34.5% the following day. But there's still some mystery to unravel because Snap's results actually exceeded average analysts' expectations. That kind of surprise usually leads to higher stock prices, not lower ones. Snap took the road less traveled.

The fourth-quarter report showed revenues rising 5% year over year to $1.36 billion. On the bottom line, earnings fell from $0.14 per share in the year-ago period to $0.08 per share in the latest report. Wall Street's consensus estimates had called for earnings of roughly $0.06 per share on sales near $1.38 billion, so Snap delivered a solid earnings beat with nearly in-line sales.

Not too shabby, right?

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Source Fool.com