Snap has dropped around 20% since September without any significant negative information disclosure. Looking at last quarter's performance,

• EPS is beyond 0.03 than the expectation
• Dau increases to 2.03B, comparing 1.88B at the same period
• gross margin increases from 29% to 46% even though the PE is relatively higher than the that of competitors, its growth rate keeps at 105.85%, which I believe it deserves a 10x ~15x eps is well acceptable. If Snap is able to hit the expectation in Q3, it will achieve the 61% annual growth rate.