Snap may have trouble pleasing Wall Street analysts in its earnings season debut, if a history of past hot internet IPOs is any guide.

When Facebook, Yelp, Twitter and LinkedIn reported their first quarterly results as public companies, the stocks fell by an average 14.1 percent the next day, according to Jim Strugger, derivatives strategist at MKM Partners. Microsoft acquired LinkedIn last year.

After the close Wednesday, the parent of the popular Snapchat messaging app releases its first earnings report since its March initial public offering. The stock traded about half a percent lower Wednesday morning.