Snap stock is facing a double-digit sell-off after earnings for the 5th straight quarter. Here's why investors are panicking.

• Snap stock dropped as much as 20% on Wednesday following bleak earnings.
• It's the fifth consecutive quarter the Snapchat parent has seen a double-digit decline after earnings.
• The stock is down almost 90% from its peak in 2021. 

Snap is making a habit of scaring investors with earnings reports.

Shares of the Snapchat parent crashed as much as 20% on Wednesday, marking the fifth consecutive quarter that the stock declined by double-digits after earnings. By midday in New York, Snap stock changed hands at about $10.10 per share.