Snap sinks 10% on weak earnings, now 94% below its all-time high

Snap's stock got hit hard, dropping more than 10% after the company posted earnings that came in weaker than analysts expected, according to Kobeissi Letter. The slide was swift enough that the outlet flagged it as breaking news while shares were still under pressure.

The bigger number is the long view: Snap is now down 94% from its all-time high, Kobeissi Letter noted. That's the kind of decline that turns a former market darling into a cautionary tale, and it lands on the same day investors got a fresh reminder that the business is still struggling to deliver what Wall Street wants.

Snap is the parent company of Snapchat, the app built on disappearing messages and Stories that once looked like a genuine challenger to the social media giants. The company went public in 2017 and has spent years trying to convince advertisers — and shareholders — that its audience is worth paying up for.

The earnings miss and the fresh 10% drop put the stock right back in the spotlight for all the wrong reasons. With shares now 94% off their peak, the question hanging over Snap isn't whether it can grow — it's whether the market still believes it can.