Snapchat (SNAP) Earnings Forecast Sends Causes Social Media Stocks To Fall

Summary:

• Snapchats share price plummeted in the wake of sharing their second quarter earnings results.
• Social media platforms follow Snapchats trend.

Snapchat’s share price plummets

On Tuesday the social media giant, Snapchat shared their second quarter earnings forecasts, and said that the economy had worsened faster over the last month than what was expected. In the wake of Snapchats forecast, shares of other social media companies such as Twitter, Meta and Pinterest also fell.

On Monday U.S stock indexes rebounded after a long streak of weekly declines, the downward turn of the social media platforms caused the prices of U.S stock indexes to fall again.

✕ Snap Inc Price Chart

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Sources: finance.yahoo.com