Online Advertising Market , Tumbles as Snap, Stocks Plummet.
On May 23, shares in Snap plunged 30% in extended
trading after CEO Evan Spiegel warned that the company
will miss its revenue and adjusted earnings targets. .
On May 23, shares in Snap plunged 30% in extended
trading after CEO Evan Spiegel warned that the company
will miss its revenue and adjusted earnings targets. .
NBC reports that Spiegel broke the news in a note
to employees, saying that the company will also
slow hiring as a way to manage expenses.
NBC reports that Spiegel broke the news in a note
to employees, saying that the company will also
slow hiring as a way to manage expenses.
Today we filed an 8-K, sharing that the macro
environment has deteriorated further
and faster than we anticipated when
we issued our quarterly guidance last month, Even Spiegel, Snap CEO, via NBC.
Today we filed an 8-K, sharing that the macro
environment has deteriorated further
and faster than we anticipated when
we issued our quarterly guidance last month, Even Spiegel, Snap CEO, via NBC.
As a result, while our revenue
continues to grow year-over-year,
it is growing more slowly
than we expected at this time, Even Spiegel, Snap CEO, via NBC.
Back in April, Snap missed
Wall Street expectations for
sales and profit in the first quarter.
Monday's update from Snap hit
the online advertising market hard.
Facebook's parent company Meta
fell 7% in after-hours trading, Twitter dropped
almost 4% and Pinterest slipped 12%.
Facebook's parent company Meta
fell 7% in after-hours trading, Twitter dropped
almost 4% and Pinterest slipped 12%.
As of May 23, shares in Snap were
down more than 50% for the year.
In after-hours trading,
stock in Snap fell 28%,
reaching $16.15. .
If the shares continue to fall more than 26.6%
on May 24, it would be the stock's worst day
since the company went public in 2017.
NBC reports that the company has been impacted by rising inflation and interest rates, labor shortages and platform policy changes. .
NBC reports that the company has been impacted by rising inflation and interest rates, labor shortages and platform policy changes.