Snap’s 26.6% premarket decline drags down Meta, Google, Pinterest and other stocks exposed to online ad market

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Snap Inc. stock’s SNAP, -28.08% 26.6% premarket decline on Friday dragged down other big tech names that rely on online advertising. Twitter Inc. TWTR, -4.86% was down 8% with a report that Biden administration officials are considering subjecting some of Elon Musk’s ventures to national-security reviews adding to the downdraft. Facebook parent Meta Platforms Inc. META, -1.16% was down 3.8
% and Google parent Alphabet Inc. AAPL, +2.71% was down 1.8%. Pinterest Inc. PINS, -6.40% was down 6.9% and Trade Desk Inc. TTD, +0.80% was down 6%. Snap was hit after revenue rose less than 6% in the third quarter, marking its slowest quarterly growth ever recorded – and said that the holiday season is shaping up similarly, with sales increasing just 9% so far in the quarter. The social-media company, which laid off roughly 20% of its staff this summer in response to the issues, also declined to provide a full forecast for the important fourth quarter.

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

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