Snap was the first major social media company to release its September-quarter earnings, and its stock tumbled 25% following the disappointing results after the bell.Shares of other companies that sell internet advertising also fell, with Facebook-owner Meta down about 4%, Alphabet down 2% and Pinterest losing nearly 8%.
Snap’s warning comes as investors worry that the economy could become seriously damaged by the US Federal Reserve’s aggressive interest rate hikes aimed at cooling decades-high inflation. Snap debuted on the stock market in a hotly anticipated initial public offer in 2017 that priced its stock at $17 .
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Central bank meetings leave stocks lower and bonds strongerAsian shares fell to their lowest since April 2020 as risk appetite among investors faded
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