Social media firms sink after bleak warning from Snapchat parent

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Social media firms sink after bleak warning...
 © CyprusMail 2022
Snap Inc’s (SNAP.N) shares plunged nearly 40 per cent on Tuesday after a profit warning from the Snapchat parent signalled tough times ahead for the once-booming digital ad industry, sparking a sector-wide selloff.

The company was on course to erase more than $14 billion in market value, while Meta Platforms (FB.O), Pinterest (PINS.N), Twitter (TWTR.N) and Google-parent Alphabet (GOOGL.O) were altogether set to lose nearly $140 billion if losses hold.

Snap said on Monday it expected to miss quarterly revenue and profits targets that it set just a month earlier and would have to slow hiring...


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Article automatically added to our system on Wednesday, May 25, 2022

Social media firms sink after bleak warning from Snapchat parent


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Article Tags: #social   #media   #firms   #after   #bleak   #warning   #snapchat   #parent  


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