Shareholders of Facebook owner Meta Platforms (NASDAQ: META) lost ground to the market in early trading on Friday. The stock fell 8% by 12:15 p.m. ET today, compared to a 0.7% decline in the S&P 500. The drop added to significant losses in recent months, with Meta Platforms shares down about 50% since the start of 2022.

It was sparked by a tough earnings report from a rival in the social media space.

Snap (NYSE: SNAP), the owner of the Snapchat platform, said on Thursday afternoon that industry conditions have deteriorated further in recent weeks. Sales growth slowed to just 13% from 38% in the prior quarter, as its service struggled with declining advertising spending. Average revenue per user fell 4% after growing by nearly 20% in each of the last two quarters.

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Source Fool.com