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.
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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.
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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.
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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.
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NBC reports that the company has been impacted by rising inflation and interest rates, labor shortages and platform policy changes.
