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Social media and online ad stocks drop in wake of alarming Snap earnings report

by Editor July 23, 2022, 3:52 pm 1.1k Views

Social media and online ad stocks drop in wake of alarming Snap earnings report

Snap Inc. signage is displayed on screens outside of the Morgan Stanley building in New York.

Michael Nagle | Bloomberg | Getty Images

Social media and ad tech stocks fell in after-hours trading on Thursday after Snap reported disappointing second-quarter results and plans to slow hiring.

Analysts were expecting sales growth of 18% for the third quarter, according to Refinitiv, but the company said that revenue so far in the period is…

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BOURNEMOUTH, ENGLAND - JULY 23: A competitor dressed as Scooby Doo and their dog warm up before the racing, on July 23, 2022 in Bournemouth, England. The UK Dog Surfing Championships is being held for its 4th year, taking place at Branksome Dene Chine Beach with dog surfing heats and family entertainment throughout the day. (Photo by Finnbarr Webster/Getty Images)

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