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Social media stocks plunge on Snapchat warning
07 June 2022
Public

Wall Street was not in a particularly social mood Tuesday. Social media stocks plummeted following an ominous earnings warning from Snapchat's parent company.
Shares of Snap (SNAP) plunged more than 40% Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States.
The company said in a regulatory filing that its dim outlook was due to the fact that "the macroeconomic environment has deteriorated further and faster than anticipated."

News of Snap's woes dragged down the shares of many of its rivals. 

View more at https://edition.cnn.com/2022/05/24/investing/social-media-stocks-snapchat-facebook-meta-pinterest/index.html

 

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