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Why Snap Stock Got Crushed Early Friday

TheMotleyFool

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Shares of Snap (NYSE: SNAP) cratered on Friday, falling as much as 32.1%. At 11:00 a.m. ET, the stock was still down 31.4%.

The catalyst that sent the social media company plummeting was disappointing results caused by a slump in its ad tech business.

For the third quarter, the Snapchat parent reported revenue of $1.1 billion, up 6% year over year, while its net loss of $360 million plunged 400%. This resulted in a loss of share of $0.22, far worse than its loss of $0.05 in the prior-year quarter. This also marked the slowest quarterly sales growth in the company's history.

Source Fool.com

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