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Snap's report incinerates $80 billion in ad industry market cap

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Facebook-owner Meta Platforms, Google-owner Alphabet and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook.Slammed by a weakening economy, increased competition from TikTok and

Facebook-owner Meta Platforms, Google-owner Alphabet and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook.

Snap's poor report also hit other growth stocks, with Spotify Technology, Shopify and Roblox down around 3 per cent each after hours. Twitter is set to report its quarterly results early on Friday, but the micro-blogging platform has canceled its traditional call with analysts, pointing to Musk's"pending acquisition".

 

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