Snap Stocks Crash After Ad Revenue Woes, Facebook and Alphabet Pulled Down With It

Valentin Wolf / imageBROKERSnap, the parent company of social media app Snapchat, saw stock prices fall 30% on Thursday, according to Bloomberg. By Friday, mid-morning, the stock had plunged from more than $75 per share Thursday to a low of $57.46. The plunge occurred after Snapchat owner warned during the Q3 earnings report that customers are cutting back on ad spending.See: 19 Stock Perks That Will Blow Your MindFind: 7 Best Coffee StocksSnap’s earnings report fells $93 million short of expectations, according to investment website Seeking Alpha. Additionally, the company forecasted Q4 revenue growth of just 19% to 20%, which would normally be higher as companies invest in advertising for the holiday season and the high-revenue Cyber Week.Two FAANG stocks, Facebook and Alphabet, which are also ad-revenue driven services, suffered from the news, as well. Facebook stock dropped more than 6% in post-market trading, according to Bloomberg, plunging from just under $342 at market close Thursday to a low of $322.56. By mid-morning on Friday, it continued to hover in the low $320s. Meanwhile, Alphabet stock lost 2.8% in after-hours trading, dipping from $2837.34 Thursday at market close to a low for the week of $2,756.11 in the morning hours…
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