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“Terrible” snap sales wipe $47 billion from social media stocks




(Bloomberg) — U.S. social media giants shed nearly $47 billion in market value in extended trading Thursday, as disappointing earnings from Snap Inc. raised concerns about the outlook for online advertising.

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The Snapchat parent fell 27% in the after-hours session. Facebook parent Meta Platforms Inc. and Pinterest Inc. each fell more than 4%, while Google owner Alphabet Inc. and Twitter Inc. also fell.

The losses mark the second major sector sell-off triggered by Snap in two months, as the results become a barometer for investors trying to decipher how economic uncertainty has affected ad spending. There are growing signs that tech companies are bracing for a recession with some pulling back on hiring, while Meta has lost about half its value this year after disappointing earnings forecasts.

“Earnings optimism may come to a pause for now,”[ads1]; said Tina Teng, a market analyst at CMC Markets Plc. in Auckland. “Snaps missing revenue expectations indicates the serious challenges facing their technical counterparts, typically on social platforms such as Meta Platforms.”

Snap — which had $6 billion in market capitalization wiped out after hours on Thursday — did not provide financial guidance for the third quarter, except to say that revenue so far in the period is roughly flat compared with last year. Management also reiterated that it plans a “significantly reduced hiring rate,” echoing plans by Apple Inc. and others.

Vital Knowledge called the results from Snap and hard drive maker Seagate Technology Holdings Plc “terrible” and “ugly.” Already battered tech stocks could face more pressure as earnings season ramps up next week.

READ: Snap Growth Muted Through 2023 on Uncertainty: Bloomberg Intelligence

“With more and more mega-cap tech companies planning to slow hiring and downgrade their growth expectations, the economic outlook is certainly not in good shape,” said CMC’s Teng.

(Adds context and analyst commentary)

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