![]() 2022 But there are concerns that the sharp snapback in stocks may be overdone. 2022 The dollar, meanwhile, remains up for the year, despite a harsh snapback Thursday after new data showed slowing inflation. 2022 Kardashian and Saint were also spotted at a game together in October, where Saint wore a Rams snapback over his braided hair, blue shorts and neon green sneakers. 2023 Some industries are still reaping rewards from the strong snapback in demand after pandemic shutdowns. "There's a lot to deal with in the macro environment today," Chief Executive Officer Evan Spiegel said at a tech conference on Monday.Noun Meanwhile, her producer hubby rocks a red-and-white linen set decorated with fun graphics, a snapback hat and coral Air Jordan sneakers. Tuesday's selloff comes days after a Bank of America fund managers survey indicated investors are becoming increasingly bearish on tech stocks, a stark reversal to a bullish trend in the past 14 years.Īnalysts said Snap's outlook for core profit suggested expenses will outpace its revenue growth, given headcount was up 52% in the prior quarter. Snap and its peers including Meta are in the path of a storm that also includes increasing competition from TikTok for users' attention and ad dollars, said Jasmine Enberg, principal analyst at research firm Insider Intelligence. "Once you start thinking about Google, that's when the markets start to sell off." ![]() ![]() "Snap is a proxy for online advertising and when you see weakness there then you automatically think Facebook, Pinterest and Google," said Dennis Dick, a trader at Bright Trading LLC. The bleak view from one of the sector's well-known names underlines the impact of the Ukraine war, surging inflation and rising interest rates on social media companies just when they were trying to shake off the hit from changes to Apple's iOS operating system. "There's a resetting of expectations," he said, adding that while economic problems like inflation are partly hurting revenue, Snap and other platforms have also overestimated their ability to maintain break-neck growth.Įven so, Snap's valuation of nearly 15 times 2024 estimated earnings before interest, tax, depreciation and amortization, according to Refinitiv data, was significantly higher than Alphabet's 8.5 times and Meta's six times.Ī woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. Valuations for social media stocks are coming back down to earth after the companies posted unprecedented growth last year when advertisers began to recover from the pandemic, said Brian Wieser, global president of business intelligence at ad agency GroupM. Snap said on Monday it was expecting to miss quarterly revenue and profit targets set just a month earlier and would have to slow hiring and lower spending. Meta Platforms (FB.O), Pinterest (PINS.N), Twitter (TWTR.N) and Google-parent Alphabet (GOOGL.O)dropped between 5% and 24%. Snap shares closed at $12.79, lower than their 2017 IPO price of $17. The company was on track to lose $15 billion in market capitalization, while shares of major online advertisers and social-media firms were set to lose a combine $200 billion in value from the rout. May 24 (Reuters) - Snap Inc (SNAP.N) shares plunged more than 40% and sparked a sector-wide selloff on Tuesday after a profit warning from the Snapchat parent signaled tough times ahead for the once-booming digital ad industry. ![]()
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