Snap on Thursday forecast no revenue growth in the typically busy holiday quarter, sending a warning signal that rising inflation and the war in Ukraine could hurt other tech companies dependent on advertising revenue. Shares of Snap dropped 26% in after-hours trading. The owner of photo messaging app Snapchat is the first of the major tech firms to report quarterly earnings, and the results cast a shadow for other platforms that rely on advertising revenue such as Facebook owner Meta Platforms, Alphabet’s Google and Pinterest, which report their results next week. Snap’s poor results follow a similarly disappointing second quarter, in which the company painted a grim picture of the weakening economy’s effect on the social media sector. Its stock was down 77% so far this year even before the latest dismal results. Snap’s poor results follow a similarly disappointing second quarter, in which the company painted a grim picture of the weakening economy’s effect on the social media sector.REUTERS Thursday’s results knocked over $4 billion off Snap’s market capitalization in trading after the bell. Shares of other companies that sell digital advertising also dropped, with Meta Platforms down over 4%, Alphabet down 2.7% and Pinterest losing nearly 8%. All together the sell-off in late trading erased…
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Snapchat's parent warns of slowing ad growth from inflation – New York Post
