Benzinga | Sep 20, 2021 02:02PM EDT

Why Snap Shares Are Falling

Shares of several companies in the social media industry, including Snap Inc (NYSE:SNAP), are trading lower in sympathy with the overall market as investors weigh continued concerns over COVID-19, the Feds two-day meeting and a sell off in Chinese equities.

Snap is meanwhile trading flat over the past five sessions as the broader market pulls back following August strength.

Snap, which refers to itself as a camera company, has one of the most popular social networking apps, Snapchat, in developed regions such as North America and Europe.

Snap has approximately 158 million daily active users. Snap generates nearly all of its revenue from advertising with 88% coming from the U.S. The firm is headquartered in Venice, California.

Snap is trading lower by 3.3% at $72.33. Snap has a 52-week high of $80.85 and a 52-week low of $23.06.