Snap Shares Surged 60% In A Nutty Day For Stocks On Revenue, User Growth And Relief It’s Not Facebook – Update

deadline.com:

UPDATED with share price, quarterly stats: Shares of Snapchat parent Snap soared 60% on fourth-quarter gains in revenue and daily active users and a chorus of relief across Wall Street that it’s not Facebook.Why?

Shares of Facebook parent Meta went the opposite direction, falling 25% and shedding more than $230 billion in market value, a Wall Street record.

Facebook lost users for the first time as a public company. It cited a long list of headwinds, including competition from TikTok and new Apple privacy features that also impact Snap.

But mostly perhaps Mark Zuckerberg appears to have massively misjudged Wall Street’s tolerance for his pivot to the Metaverse — when it’s still not a real business and requires billions of dollars of investment over who knows how long to make it one.Snap revenue increased 42% to $1.3 billion.