Why meta-platform stocks plunge after Snap's earnings report

Meta Platforms Inc's META shares fell 4.52% to $125.57 in Thursday's after-hours session. Shares of social media companies are trading lower in sympathy with Snap Inc SNAP, which gave an uncertain outlook for the fourth quarter and signaled a decrease in time spent watching content in the US.

What happened?

Snap posted third-quarter revenue of $1.128 billion, up 6% year-over-year. The total is higher than Street's estimate of $1.12 billion, according to Benzinga Pro data.

The company reported third-quarter earnings of 8 cents per share, beating a Street estimate of a loss of 1 cent per share.

Meanwhile, CEO Evan Spiegel said Snap will continue to "navigate this volatile macro environment" as it moves forward with its community of 363 million daily active users. ..Find out more

According to data from Benzinga Pro, Meta Platforms has a 52-week high of $353.83 and a 52-week low of $122.53.

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