Another red day: Snapshot sent a warning - and fell 43 percent
Snap CEO Evan Spiegel warned that the company would not meet the revenue target, the stock collapsed and attracted with it (Facebook), which fell by nearly 8 percent. Another red day at Nasdaq
Tuesday, 24 May 2022, 23:07
Share on Facebook
Share on WhatsApp
Share on Twitter
Share on Email
Share on general
Is tonight (Tuesday) another milestone in the status of social networks?
Possibly, after a letter sent by Snap CEO Evan Spiegel to employees on Monday, stating that the company would not meet the revenue target, was made public. The Corona of March 2020.
Good to know (promoted)
Is Bee Cure Laser right for you?
This way you will know who the device is suitable for and who is not
Served on behalf of Bee Cure Laser
Total helplessness on Wall Street (Photo: GettyImages, Spencer Platt)
Spiegel's warning was a direct continuation of the mediocre reports that Snap released on April 21 (and did not directly lead to a significant drop in value), and not only that, it also created a shake-up in the entire digital media market, where similar results are feared.
Shares of Meta (Facebook) shed 7.6 percent from the campaign, having already fallen 10 percent during trading.
Google lost 5 percent, Amazon fell 3.2 percent, Apple nearly 2 percent and Netflix continues to crash with a decline of about 4 percent.
The Nasdaq index lost 2.35 percent, while the Dow Jones recorded a fairly static day that ended with a rise of about a tenth of a percent.
The S&P index fell 0.8 percent, bringing it even closer to being declared a bear market.
Morgan Stanley Investment House estimates that the index is expected to lose another 15 percent of its value in the coming weeks.