Snap stock plummeted on Thursday after Meta missed earnings estimates and warned of slowing growth due to increased competition and Apple's privacy restrictions.

Snap's stock has dropped by more than 19%. However, they aren't the only company to be affected by Meta's earnings, with other social media stocks including Pinterest plummeting.Snapchat Updates for Creators, Businesses to Take on Instagram Detailed at Snap Partner Summit 2021 | Technology News

Snap's stock fell even more after Keybanc analyst Justin Patterson cut his price estimate for the company to $36 from $85. He did, however, maintain an Overweight rating.

Patterson expects challenges, including ad measurement pushing movements away from social, vertical headwinds, and margin pressure from investors, according to a note obtained by TheFly.

The analyst also warns that the magnitude of margin risk could be a new sentiment overhang, but feels that valuation multiples have swung dramatically, allowing for "less terrible" earnings results.

After the closing bell, Snap and Pinterest are expected to publish their earnings.