Oh Snap! Social media stocks lose billions after Snapchat parent warning By Reuters – Investing.com

Please try another search Stock Markets1 hour ago (May 27, 2022 11:02AM ET) © Reuters. FILE PHOTO: A woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson By Nivedita Balu and Medha Singh (Reuters) – Snap Inc (NYSE:) shares plunged more than 40% and sparked a sector-wide selloff on Tuesday after a profit warning from the Snapchat parent signaled tough times ahead for the once-booming digital ad industry. The company was on track to lose $15 billion in market capitalization, while shares of major online advertisers and social-media firms were set to lose a combine $200 billion in value from the rout. Snap shares closed at $12.79, lower than their 2017 IPO price of $17. Meta Platforms, Pinterest (NYSE:), Twitter (NYSE:) and Google-parent Alphabet (NASDAQ:) dropped between 5% and 24%. Snap said on Monday it was expecting to miss quarterly revenue and profit targets set just a month earlier and would have to slow hiring and lower spending. Valuations for social media stocks are coming back down to earth after the companies posted unprecedented growth last year when…
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