Pinterest Leads Drop in Social Media Stocks as Snap Disappoints
[ad_1]
Companies that rely on digital advertising tumbled in postmarket trading, after Snap Inc. reported its slowest quarterly sales growth on record.
Companies that rely on digital advertising tumbled in postmarket trading Thursday, after Snap Inc. reported its slowest quarterly sales growth on record. Pinterest Inc. lead the declines with a slump of as much as 9.4% and Meta Platforms fell 5.2% after the Snapchat parent said third-quarter sales increased a mere 6% and added that platform policy changes, macroeconomic headwinds and increased competition led to a decline in advertising spending. Trade Desk Inc. tumbled 5.9% and Roku Inc. fell 3.6%, while Google's Alphabet Inc. lost about 3%. Twitter Inc., which is being acquired by Elon Musk, slipped 0.3%. Social media platform...