Why Snapchat stock is down by more than 20 percent today

Snapchat stock(SNAP) was selling at $74 per share prior to today’s stock-price plunge after it released its earnings report and blamed Apple’s new privacy policy for the bad numbers.  The stock also traded as high as $84.34 per share at some point; this price was its 52-weeks high price. As of now, you can buy each share of Snapchat for $57.32, a 23.64 percent cheaper than it was last night.

The company’s shares sold off although its revenue increased by 57 percent, that was $1.067 billion when compared to the same period last year. Snap accused Apple’s new privacy setting changes that prevented Snapchat from tracking Users’ locations.

The company also said that it’s working on a way to bypass Apple’s new setting, the solution will include new tools that will help to attract more advertisers.

If you invested $1000 in Snapchat when it first went public, you will have about $2,714 as of today with Snap stock trading at $57 per share. Keep in mind it was up by as much as $84.34 at one time. This means your $1000 if invested in Snapchat stock when it first went public would have reached $4015 when Snap was at its 52 weeks high.