Social media stocks were sliding in Tuesday trading after Snap (SNAP) said late Monday it is likely to miss its own targets for Q2 revenue and adjusted earnings before interest, taxes, depreciation and amortization, citing faster-than-anticipated deterioration of the macroeconomic environment.
Snap was down 39% in recent trading, while Pinterest (PINS) was down 26%. Google parent Alphabet (GOOG, GOOGL) and Facebook parent Meta Platforms (FB) were down more than 7% and 9% respectively. Match Group (MTCH), Twitter (TWTR) and Bumble (BMBL) were down more than 3% each.
Price: 13.65, Change: -8.82, Percent Change: -39.24
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