Something big is happening in social media, and investors in social-media companies can't make up their minds what it is.

Facebook's daily active users rose 2% from the previous quarter. Its revenue rose 43% year over year. Its stock fell 20% on its earnings report.

Twitter's DAU is up (we think - the company still won't give actual figures). Its revenue rose 24% year over year. Its stock fell 21% on its earnings report.

Snap's DAU was down 2%. Its revenue rose 44%. Its stock fell 7% on its earnings report.

Coming into these figures blind, one might conclude that the audiences of these social networks have all saturated. That something must be wrong if investors are kicking companies with revenue growth above 20%. And that Snap, like Jake Gittes, is the leper with the most fingers in this town...