Benzinga | Oct 27, 2021 11:54AM EDT

Why Snap Shares Are Falling

Snap Inc (NYSE:SNAP) shares are trading lower in sympathy with Twitter Inc (NYSE:TWTR), which is down after reporting third-quarter earnings. Twitter initially gained following its earnings report late Tuesday.

Twitter reported quarterly losses of 54 cents per share which missed the analyst consensus estimate of 15 cents per share. Twitter reported quarterly sales of $1.28 billion which met the analyst consensus estimate of $1.28 billion. This represents a 37% increase over sales of $936.23 million the same period last year.

See Also: Twitter Says Impact Of Apple's Privacy Protections On Revenue 'Lower Than Expected'

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 a 52-week high of $83.34 and a 52-week low of $37.35.