Millennial investors are getting whacked after Snap's big miss
Shares of messaging company Snap are plummeting in the after-hours trade.
The stock is down more than 21% after missing earnings and daily active user estimates in its first quarterly report as a publicly traded company.
So who is the biggest loser of Snap's earnings miss? Data from broker-dealers like Robinhood and TD Ameritrade suggest that millennials may wake up a little less wealthy tomorrow morning.
Snap is the third most popular stock on the commission-free brokerage app Robinhood, which is popular with millennials. Snap was number one immediately following its March 1 initial public offering.
TD Ameritrade chief strategist JJ Kinahan told Business Insider that millennials had been opening brokerage accounts with the firm just to buy Snap after the company's IPO. He also said that Snap is still a very popular stock with millennials going into its first quarter earning report.
"On Snap we saw a lot of interest immediately following the IPO,"Kinahan said. "Now we don't see as much trading in Snap. Millennials seem to be holding Snap stock."
Snap reported a loss of $0.20 per share versus analyst expectations of a $0.16 loss.
Daily active users totaled 166 million, shy of the 167.3 million that Wall Street was expecting.
Click here for a real-time Snap inc. chart.
