Snap Stock Plunges 30% After Revenue Miss and Growth Concerns

Snap's stock plummeted by over 30% in after-hours trading following a fourth-quarter earnings miss, layoffs, and weak first-quarter guidance. The company's revenue fell short of expectations, and its user growth was tepid, with daily active users only increasing by 10% year-over-year to 414 million. Snap's struggles to attract adult users and expand beyond its core app, coupled with failed hardware projects and enterprise market endeavors, have contributed to its challenges. The company is attempting to pivot into AI capabilities and is seeing growth in its paid subscription product, Snapchat+.