Alphabet, Meta Platforms stocks knocked down by Snap’s selloff after disappointing earnings report

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Shares of internet companies suffered collateral damage Friday from Snap Inc.’s SNAP, -39.08% bombshell earnings report that led to a 30+% plunge in Snap’s stock. Shares of Alphabet Inc. GOOGL, -5.63% GOOG, -5.81% sank 2.9%, Facebook parent Meta Platforms Inc. META, -7.59% dropped 4.4% and Pinterest Inc. PINS, -13.51% shed 7.0%. Twitter Inc.’s stock TWTR, +0.81% have up 3.1%, ahead of second-quarter results due out in Friday’s premarket. Snap’s stock plunged 30.4%, putting them on track to open at the lowest price seen during regular-session hours since April 2020. The social media company disclosed late Thursday slackening digital advertising, hinted at cost cuts and declined to provide forward financial guidance citing uncertainties about the operating environment. The stocks’ declines come as futures ES00, -0.95% for the S&P 500 SPX, -0.93% eased 0.2%.

This article was originally published by Marketwatch.com. Read the original article here.

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