Snap (SNAP)
Snap stock was doing just fine this year — up until this earnings season.
The camera and social media company reported disappointing Q3 results on Thursday. While revenue grew 57% year-over-year to $1.07 billion, it missed Wall Street’s expectation of $1.1 billion.
Apple’s iPhone privacy changes disrupted Snap’s advertising business. Management also warned that global supply chain interruptions and labor shortages could dampen advertising demand over the short-term
Snap shares plunged 23% in after-hours trading on the bearish outlook, but Wood moved quickly to pounce on the decline.
On Friday, Ark scooped up 230,323 shares of Snap.
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Learn MoreTwitter (TWTR)
Snap’s plummeting price triggered a sell-off in other social media companies, too.
In after-hours trading Thursday, both Facebook and Twitter dropped about 5%. Even Google parent company Alphabet slipped more than 2%.
On Friday, Wood’s Ark picked up 448,944 shares of Twitter.
According to the latest earnings report, Twitter had 211 million monetizable daily active users in Q3, 5 million more than what it had in Q2.
Revenue totaled $1.28 billion, up 37% year over year and in line with analyst expectations.
Of course, if you’re on the fence about jumping into social media stocks when they’re facing so much uncertainty, you can build your own tech portfolio just by using digital nickels and dimes.
Skillz (SKLZ)
With a market cap of around $4.4 billion, mobile gaming company Skillz is much smaller than any of the names mentioned above.
But the stock has gotten a lot of investor attention, partially due to its swingy nature.
At the beginning of this year, Skillz was trading at $18 per share. It soared to well above $40 in early February before losing upward momentum. By mid-October, the shares had fallen to less than $10.
Unlike its volatile stock price, Skillz’s business has been trending in a steady direction: upward.
In fact, the company has generated 22 consecutive quarters of top-line growth. Its Q2 revenue of $89.5 million represented a 52% increase from a year ago.
Skillz shares have perked up a bit in recent days, likely fueled by investor excitement over Wood’s strong bullishness.
Last Thursday, Ark Invest bought over 2.1 million shares of the company.
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