At current prices, Pinterest, Meta, Alphabet and Snap collectively lose $36 billion in market value.
In the second quarter, Twitter’s revenue fell 1% to $1.18 billion, and it failed to meet the user growth estimates analysts had hoped for. The company attributed its results to its current battle to close its acquisition by Elon Musk in exchange for 44,000 million dollars. Shares of the micromessaging site fell 1%
Advertisers have cut spending amid rising interest rates and rising inflation as some of them struggle with labor shortages and supply chain disruptions, Snap said Thursday.
“If you want proof that companies are nervous about the economic outlook, just look at media platforms and marketing agencies bemoaning a tougher ad market,” said Russ Mould, chief investment officer at AJ Bell. .
Investors are bracing for the slowest global revenue growth in the history of the social media sector, as Apple’s privacy changes further cloud the outlook.