Snap Stock- Social Media Giants
On Thursday, social media giants lost nearly $69 billion in market capitalization due to Snap Inc.
This raised concerns about the future of online ads. Snapchat parent shares plunged 28% in trading.
- Raised Concerns
- Meta Plaforms
Facebook parent Meta Platforms Inc. shares dropped 4.7% while Alphabet Inc. shares dropped about 2.5%.
Snap's second major sector sale in just two months is a sign of its success. Its results have become a gauge.
Snap Stock- Major Sector
There are signs tech companies are starting to prepare for a recession, with some cutting back on hiring.
- Tech Companies
Snap's failure to meet earnings expectations indicates the serious challenges facing its tech peers.
- Earning Expectations
Image Source- New York Posr
Snap, which had $6 billion in market capital erased on Thursday afternoon, didn't provide financial guidance.
Snap Stock- Market Capital
More and more mega-cap tech firms are planning to slow down hiring and downgrade growth expectations.
- Mega Cap
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