https://techcrunch.com/2021/10/22/facebooks-next-chapter-just-might-make-sense/

Shares of Snap are off just over 20% this morning, a huge cut to the valuation of the social networking company.

In one sense, the post-earnings drop is an indictment of the company’s business. On the other, Snap’s stock has merely retreated to midyear levels and remains far above the historical price range it found itself mired in during its more unprofitable days.