Why Snap Stock Tanked 12% This Week

Shares of Snap (NYSE: SNAP) slumped 12% this week, according to data from S&P Global Market Intelligence. The social media stock, which was one of the huge winners coming out of the pandemic crash, has come back to earth along with a lot of other high-growth stocks in recent months.

Down 12% this week, Snap stock is now down almost 40% in the last three months. This is after shares had surged over 1,000% at some points in the last three years. Many stocks like Snap, with fast-growing revenue but no underlying profits, have hit the brakes the last few weeks. This has been due to some disappointing earnings reports and/or a broad market rotation out of these securities.

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Source Fool.com