Pinterest Leads Drop in Social Stocks as Snap Disappoints

Companies that rely on digital advertising have seen a slump in postmarket trading, after Snap Inc. reported the slowest quarterly sales growth on record.

Companies that rely on digital advertising tumbled in postmarketing on Thursday, after Snap Inc. reported the slowest quarterly sales growth on record.

Pinterest Inc. led the decline with a drop of up to 9.4% and Meta . Platform down 5.2% after Snapchat Parents said sales in the third quarter grew by just 6%, and added that “platform policy changes, macroeconomic difficulties and increased competition have led to a drop in spending.” advertisement.

Trade Desk Inc. down 5.9% and Roku Inc. down 3.6%, while Google Alphabet Inc. lost about 3%. Twitter Inc., acquired by Elon Muskslip 0.3%.

Social media platforms like Snapchat, Facebook and Instagram had to work around privacy rules Apple Last year, Inc. introduced that it became more difficult to serve ads to customers based on their online activity.

Snap’s quarterly results are the first from major internet companies that depend on advertising, setting the stage for what investors can expect as bigger players like Alphabet and Meta Platforms report. next week. Shares are down 77% this year through the end of Thursday. It has gone from a market capitalization of more than $100 billion last year to about $18 billion.


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