Snap Inc shares fell more than 30% reaching their lowest level since the pandemic

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Snap Inc shares fell more than 30% on Friday, reaching their lowest level since the pandemic, after the company forecasted zero revenue growth, implying that the social media sector, which is heavily reliant on digital advertising, will face more pain in the future.

Meta Platform Inc, a subsidiary of Facebook, and Pinterest Inc fell between 2% and 7%. Twitter Inc fell 3%, dragged down by concerns about the security of billionaire Elon Musk’s takeover bid.
Analysts rushed to reduce Snap’s price target, with Morgan Stanley lowering it to a Wall Street low of $7. The stock fell to its lowest level since early 2019. As a result of declining consumer demand, brands have reduced marketing and advertising budgets, causing the digital ad space to suffer. Snap’s warning heightened those concerns.

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Snap Inc shares fell more than 30% reaching their lowest level since the pandemic

Snap Inc shares fell more than 30% on Friday, reaching their lowest level since the pandemic, after the company forecasted zero revenue growth, implying that the social media sector, which is heavily reliant on digital advertising, will face more pain in the future.

Meta Platform Inc, a subsidiary of Facebook, and Pinterest Inc fell between 2% and 7%. Twitter Inc fell 3%, dragged down by concerns about the security of billionaire Elon Musk’s takeover bid.
Analysts rushed to reduce Snap’s price target, with Morgan Stanley lowering it to a Wall Street low of $7. The stock fell to its lowest level since early 2019. As a result of declining consumer demand, brands have reduced marketing and advertising budgets, causing the digital ad space to suffer. Snap’s warning heightened those concerns.

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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