The social media company’s stock dropped more than 42 per cent in intra-day trading Tuesday after it told investors Monday it was likely to miss some of its earnings targets due to a faster-than-expected deterioration of macroeconomic conditions. (The Logic)

Talking point: In a memo to staff, CEO Evan Spiegel said Snap continues “to face rising inflation and interest rates, supply chain shortages and labour disruptions, platform policy changes, the impact of the war in Ukraine, and more.” The firm’s shares posted their largest intra-day trading decline Tuesday and fell below their initial public offering price of US$17 each when Snap went public in March 2017. The reaction spread to other social media stocks, with Pinterest, Meta, Google and Twitter all dropping in value Tuesday. “Macroeconomic headwinds likely extend to all of digital advertising,” one analyst noted.