U.S. social media companies lost about US$80 billion in stock-market value after Snap’s and Twitter’s quarterly revenue figures prompted analyst concern about future online-ad revenues. (Bloomberg)
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U.S. social media companies lost about US$80 billion in stock-market value after Snap’s and Twitter’s quarterly revenue figures prompted analyst concern about future online-ad revenues. (Bloomberg)
Talking point: The shares of Snap, Twitter, Meta, Alphabet and Pinterest all declined in Friday intraday trading, though Twitter closed slightly up. Twitter blamed its disappointing revenue on a decline in digital advertising and Elon Musk’s on-again, off-again takeover deal. The market reaction follows another major tumble in late May after Snap warned investors that it would miss some of its earnings targets. Its shares temporarily fell below their March 2017 IPO price, and the reaction spread to other social media stocks, as well. Competition from other platforms, such as TikTok, has contributed to the slowdown in ad revenue for some social media companies. On Thursday, Meta launched a new Facebook-app homepage that looks more like TikTok.
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