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Snap Inc. Shares Dive After Mixed Q4 Earnings Report
Shares in social media firm Snap Inc. plunged as much as 30% in after-hours trading following the company's release of muted fourth-quarter results.
The financials, and a 10% year-over-year uptick in daily active users to 414 million, were not enough to persuade anxious investors in the wake of Facebook and Instagram parent Meta Platforms’ blockbuster quarter. Prior to the plunge after the bell, Snap stock had been regaining ground, rising 4% before the earnings report to finish the trading day at $17.46, its highest level in nearly two years. Twitter, a longtime publicly traded part of the industry, has been privately held since Elon Musk’s $44 billion takeover in the fall of 2022, with headlines about its erratic path since the acquisition only adding to the froth.
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