That has led the stock to trade at levels not too far from right before it reported those strong earnings. Yet the stock has plunged alongside the rest of tech amidst the broader tech crash. The company reported strong results in the latest quarters which easily set the tone for social networking peers. The company also shelved several projects during the year, including its photo-taking drone and Snap Originals premium shows.Snapchat ( NYSE: SNAP) is exactly the kind of stock investors should be flocking to in the current market. Snap announced in August it would lay off 20% of its workforce of over 6,000 employees. But its simplicity also meant that companies could quickly pause campaigns in such a way as to severely affect Snap's finances. Snap debuted its subscription service last summer, pitching it as a way for users to access pre-release and exclusive features for $3.99 a month.Īs executives told analysts several times last year, the company's online ad platform was built to be easy to use and to enable brands to quickly launch campaigns. It said its Snapchat+ service now has over 2 million paying subscribers as of the fourth quarter. The company said it's refocusing investments to concentrate on growing its community and engagement, accelerating and diversifying its sales growth and developing augmented reality technologies. The stock has recouped some of its losses, rising 29% in January, along with a broader rally in the tech sector. Snap's stock plummeted 81% last year as the Nasdaq Composite had its worst year since 2008. Pinterest, which releases results next week, fell almost 5%. Meta shares dropped 2% after Snap's report. Facebook parent Meta reports fourth-quarter results on Wednesday, followed by Google parent Alphabet and Amazon on Thursday. Investors will get a clearer picture of the state of that market later this week.

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