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Facebook and other internet stocks under pressure after Snap gloom

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Internet stocks were under pressure in premarket trading on Friday, dragged lower by Snap undefined, after the owner of social media app Snapchat said...

Internet stocks were under pressure in premarket trading on Friday, dragged lower by Snap SNAP, -0.71%, after the owner of social media app Snapchat said privacy changes imposed by Apple were weighing on digital advertising and would hurt the holiday quarter to come.

Shares of Snap fell 20% in premarket trading slumping after results late Thursday. That put the stock on track to open at a three-month low. Other companies that rely on digital ads were under pressure in premarket trading, including Facebook FB, +0.32% down more than 3%, with Etsy ETSY, +1.23%, Shopify, Stitch Fix and Pinterest all off by 1% or more.

 

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Snap Shares Slide as It Blames Apple’s Privacy Changes for Hurting Its Ad BusinessSnap said revenue rose 57% in the latest quarter, but it expects growth to slow due to Apple's privacy changes. Shares were down 27% in after-hours trading.
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