Snap Inc's stock experienced a significant decline of 5.08% during intraday trading on Thursday. The sharp drop followed a period of pre-market gains that were fueled by the company's better-than-expected fourth-quarter revenue results.

The downturn was driven by a wave of negative sentiment from Wall Street analysts, with multiple firms cutting their price targets for the social media company. Additionally, news emerged that Snap's outlook excludes potential sales from its integration with artificial intelligence company Perplexity, as the two parties have not yet agreed on a path to a broader rollout of their partnership.