$Snap Inc(SNAP)$It still boils down to fundamental. Looking at the past 5 years financial, revenues have increased however the business remain unprofitable. Operating cashflow and free cashflow were negative 4 out of 5 years. Other financial ratio like gross margin, net margin, ROE, ROIC etc are all negative. That says much about the company in one glance with further digging.

Let's look at the technical chart. It had moved from 83.34 peak to current low of 7.76 , I won't be surprised if it continues to trend down to 4.82 last seen in Dec 2018.

Yes, all ad-related businesses will be affected by economic downturn hence there are job cutting measure by these firms to save costs. It's not new, it's all part of business cycle. However, that does not mean I will sell all my existing positions in ad-related businesses just because we have 1 or 2 bad quarters of earnings. We still need to access individually whether the business itself will continue to grow.