Snap (NYSE: SNAP) stock fell 28% after the release of its third-quarter earnings report a few weeks back. The social media giant continues to struggle with monetizing its growing user base, and questions have been raised about whether it could be consistently profitable. Naturally, the current economic downturn has accentuated these concerns. It's difficult to ignore Snap's near-term problems, making it an unattractive bet despite the massive drop in its valuation. Hence, we are bearish on SNAP stock. In its recent results, the company reported a 5.7% year-over revenue increase to a healthy $1.13 billion, missing consensus estimates by $10 million.
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