Snap stock continues to tumble, social media stocks feel sector pains

Yahoo Finance's Dave Briggs discusses the move lower in Snap stock and how it's affecting the broader tech a sector.

Video Transcript

DAVE BRIGGS: The social media stock plummeting 30% following a disappointing Q3 earnings report. Snapchat revenue grew just 6%. That's the smallest since its 2017 IPO. And losses surged 400% to $360 million, in part due to a $155 million restructuring charge. If you'll remember, Snap announced it would cut 20% of its staff in August. That's roughly 6,000 employees.

Jefferies analyst Brent Thill telling Yahoo Finance this morning they may have to go deeper than that. Snap shares now down 83% this year. Other social media stocks feeling the pain as well today. Meta falling less than 2%, Pinterest down 7%. And Twitter also saw a more than 4% decline, largely on some other concerns, which we will address later in the program. But the ad environment certainly not helping here.