Shares of Meta Platforms, Google-owner Alphabet and other companies that sell digital ads dropped late on Thursday after Snapchat owner Snap Inc. blamed inflation for its slowest revenue growth since going public five years ago.
Snap was the first major social media company to release its September-quarter earnings, and its stock tumbled 25 percent following the disappointing results after the bell. Snap warned that it would see no revenue growth in the normally busy holiday quarter.
Shares of other companies that sell internet advertising also fell, with Facebook-owner Meta down about 4 percent, Alphabet down 2 percent and Pinterest losing nearly 8 percent. All together the sell-off in late trading erased over $40 billion in stock market value from those and other internet ad companies, including Spotify and Roku….