Facebook-owner Meta Platforms, Google-owner Alphabet, and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook.
Slammed by a weakening economy, increased competition from TikTok, and recent privacy changes on iPhones, the Snapchat owner missed second-quarter revenue targets and warned that “forward-looking visibility remains incredibly challenging.”
Its shares collapsed 26 percent, bringing Snap Inc.’s loss in 2022 to over 70 percent.
With Wall Street already worried about a potential recession, Snap’s report also sparked a selloff in rival internet ad sellers. Meta dropped 5 percent in extended trade, while Alphabet fell 3 percent and Pinterest tumbled 7 percent….