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2022-07-22

Time to buy?

"Awful" Snap Sales Wipe $69 Billion From Social Media Stocks

The Snapchat parent sees a major slowdown in the ad industry‘The earnings optimism may come to a pau

"Awful" Snap Sales Wipe $69 Billion From Social Media Stocks

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Facebook parent Meta Platforms Inc. shares fell 4.7%, while shares of Google owner Alphabet Inc. and Twitter Inc. slipped about 2.5%.</p><p>The losses mark the second major sector selloff sparked by Snap in two months, as its results become a barometer for investors trying to decipher how economic uncertainty has impacted ad spending. There are growing signs that tech companies are preparing for a recession with some pulling back on hiring, while Meta has lost about half of its value this year after disappointing revenue forecasts.</p><p><img src=\"https://static.tigerbbs.com/63d7cff9ae8d3cf05cce112e67204dd6\" tg-width=\"930\" tg-height=\"523\" width=\"100%\" height=\"auto\"/></p><p>“The earnings optimism may come to a pause for now,” said Tina Teng, a markets analyst at CMC Markets Plc. in Auckland. “Snap’s miss on earnings expectations indicates the severe challenges facing its tech peers, typically on social platforms such as Meta Platforms.”</p><p>Snap -- which saw $6 billion in market cap erased after hours on Thursday -- didn’t issue financial guidance for the third quarter, except to say that revenue so far in the period is about flat compared with last year. Management also reiterated it plans a “substantially reduced rate of hiring,” echoing plans by Apple Inc. and others.</p><p>Vital Knowledge called the results from Snap and hard-disk-drive maker Seagate Technology Holdings Plc “awful” and “ugly.” Already battered tech stocks may face more pressure as earnings season ramps up next week.</p><p>“With more and more mega-cap tech companies planning to slow hiring and downgrade their growth expectations, the economic outlook is certainly not in good shape,” CMC’s Teng said.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>\"Awful\" Snap Sales Wipe $69 Billion From Social Media Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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Facebook parent Meta Platforms Inc. shares fell 4.7%, while shares of Google owner Alphabet Inc. and Twitter Inc. slipped about 2.5%.The losses mark the second major sector selloff sparked by Snap in two months, as its results become a barometer for investors trying to decipher how economic uncertainty has impacted ad spending. There are growing signs that tech companies are preparing for a recession with some pulling back on hiring, while Meta has lost about half of its value this year after disappointing revenue forecasts.“The earnings optimism may come to a pause for now,” said Tina Teng, a markets analyst at CMC Markets Plc. in Auckland. “Snap’s miss on earnings expectations indicates the severe challenges facing its tech peers, typically on social platforms such as Meta Platforms.”Snap -- which saw $6 billion in market cap erased after hours on Thursday -- didn’t issue financial guidance for the third quarter, except to say that revenue so far in the period is about flat compared with last year. Management also reiterated it plans a “substantially reduced rate of hiring,” echoing plans by Apple Inc. and others.Vital Knowledge called the results from Snap and hard-disk-drive maker Seagate Technology Holdings Plc “awful” and “ugly.” Already battered tech stocks may face more pressure as earnings season ramps up next week.“With more and more mega-cap tech companies planning to slow hiring and downgrade their growth expectations, the economic outlook is certainly not in good shape,” CMC’s Teng said.","news_type":1},"isVote":1,"tweetType":1,"viewCount":156,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":10,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}