Snap shares fell more than 20% after the company reported its latest quarterly results in August. Investors balked at weaker-than-expected guidance for the third quarter, and the company's revenue for the second quarter trailed analysts' expectations.

The previous day Meta reported better-than-expected quarterly results that sent the stock price up 7%. Still, Meta's AR and VR bets continue to rack up losses — the company's Reality Labs unit posted a $4.5 billion loss in the second quarter. That unit is responsible for the company's Quest virtual reality devices and Ray-Ban smart glasses.