My first reaction to the news that Snap suffered a four-hour long outage Tuesday was: Okay, but this is the Internet, where bad things can happen.

Then I wondered whether it was just a cosmic coincidence that the outage happened only hours before the company was scheduled to report its third-ever earnings. After all, the first two times didn't go so well. Snap fell as much as 25% following its first earnings report. The next time around, it dropped as much as 17%.

Sure enough, following its latest earnings report, Snap's stock suffered another financial outage, so to speak. Snap shares dropped as much as 21% after it said that revenue and daily active users were both below what analysts had forecast, while its net loss was larger than expected...