Social media stocks saw nearly $90 billion stock loss due to Snapchat's disappointing revenue and late earnings report. SNAP stock tumbled as much as 38% as of Friday alone and expected to fall further. Year to date, SNAP stock has lost more than 75% of its value and over 82% for the past 12 months. SNAP reported earning of $1.11 billion, just shy of the estimated $1.14 billion analyst estimate.
Although Snapchat has seen an additional ~4 billion daily active users, it isn't enough to bring confidence to investors.