Social Media Stocks Set to Erase $100 Billion on Snap Warning

Bloomberg

Snap Falls After Cutting Forecast, Shock Spreads to Rivals

(Bloomberg) — Snap Inc. cut its revenue and profit forecasts below the low end of its previous guidance, sending shares plunging as much as 31% and pushing other social media stocks down.The company will also slow hiring, Chief Executive Officer Evan Spiegel said in a note to staff. “Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more,” he wrote in the memo