Snap Can Win Social Media’s Squid Game

Viewers of Netflix’s latest and greatest hit know there is no such thing as easy money when the stakes are high, no matter how basic the game. Social-media investors are learning the same lesson. Shares of Snapchat owner Snap Inc. lost almost a quarter of their value Thursday evening after it reported results.

Making money in the stock had seemed like child’s play. If you bought Snap back in mid-March of last year, you had yourself a “nine bagger,” with shares up more than 890% in around 18 months. Over the last two years, Snap has dominated even its high-performing social-media peers.