Facebook is ‘crushing’ Snapchat, according to Wall Street

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Chris Mills

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When Snap Inc hit the public stock market in March, it was just the latest in a long list of booming tech IPOs. Two months later, it's already skipped the treading-water phase, and appears to be heading for a full-on Twitter-style meltdown.

After posting a $2.2 billion loss in its first set of public earnings yesterday, Snap's stock nosedived. As of the close of trading today, it's at $18, 20% lower than the $23 asking price before yesterday's earnings.

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