‘Awful’ Snap sales just wiped $76 billion off social media stocks

Wall Street analysts were quick to react, with at least nine brokerages cutting recommendations on Snap’s stock, while many more trimmed their price targets. The shares have slipped 65 per cent this year, but the average 12-month price target has sunk by more than 72 per cent in the same period.Article content

Snap 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.

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‘Awful’ Snap sales just wiped $76 billion off social media stocksConcerns about the outlook for online advertising
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'Awful' Snap sales wipe US$76B from social media stocks - BNN BloombergU.S. social-media giants were poised to see more than US$76 billion wiped off their stock-market values Friday after disappointing revenue from Snap raised concerns about the outlook for online advertising.
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‘Awful’ Snap sales just wiped $76 billion off social media stocksConcerns about the outlook for online advertising
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