Snap Craters as Sales Disappoint, Erases $130 Billion From Peers
- The Snapchat parent sees a major slowdown in the ad industry
- Twitter ends higher as Musk battle overshadows results
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US social-media companies saw more than $130 billion wiped off their stock-market values Friday, after disappointing revenue from Snap Inc. and a lackluster report from Twitter Inc. raised new concerns about the outlook for online advertising.
The Snapchat parent plummeted 39%, sinking to its lowest level since March 2020. Meanwhile, Facebook parent Meta Platforms Inc. fell 7.6%, Pinterest Inc dropped more than 13%, and Google owner Alphabet Inc. declined 5.6% in its biggest one-day drop since March 2020.