Highlights

  • Snap CEO warns of worsening economic outlook
  • Similar warnings seen from Twitter, Meta
  • Social Media stocks see big collapse

Latest news

WATCH | BJP leader Devendra Fadnavis meets Maharashtra governor, asks for floor test

WATCH | BJP leader Devendra Fadnavis meets Maharashtra governor, asks for floor test

Udaipur killing: Centre rushes NIA team, internet suspended across Rajasthan

Udaipur killing: Centre rushes NIA team, internet suspended across Rajasthan

India vs Ireland 2nd T20: Deepak Hooda tames Ireland with his maiden T20I hundred

India vs Ireland 2nd T20: Deepak Hooda tames Ireland with his maiden T20I hundred

2 arrested for murdering man in Udaipur, prohibitory orders imposed

2 arrested for murdering man in Udaipur, prohibitory orders imposed

Udaipur man's murder sparks tensions, internet shut

Udaipur man's murder sparks tensions, internet shut

Oh SNAP! $160 billion wiped out, is the dream run over?

Snapchat shares tumbled as much as 41%, their biggest intraday decline 

The new economic reality is hitting what was the 'pandemic party' where social media and tech stocks were not just host but the guests of honour.

After Twitter, Meta, Snapchat shock is the latest blow to sinking social media stocks. Snap sharestumbled as much as 41%, wiping out $15 billion in wealth in a single session and the ripple effect was even worse. Facebook-owner Meta, Google-owner Alphabet , Twitter and peers saw as much as $160 billion worth of marketcap eroded.

Ad-dependent Snapchat told investors won’t meet prior forecasts for revenue and profit as it noted a rapid deterioration of the economic environment.

Also read/watch | Snapchat warns the picture is not looking good! slashes hiring and outlook

Up Next

Oh SNAP! $160 billion wiped out, is the dream run over?

Oh SNAP! $160 billion wiped out, is the dream run over?

Top 5 'fat-finger' trades that rocked global markets

Top 5 'fat-finger' trades that rocked global markets

Explained: What is a fat finger trade and how it can make you lose crores!

Explained: What is a fat finger trade and how it can make you lose crores!

SDF Explained: It matters for your savings and FD rates

SDF Explained: It matters for your savings and FD rates

Market moves & cues: Trading day ahead

Market moves & cues: Trading day ahead

Explained: Falling global markets and what is the new 'GST' fear

Explained: Falling global markets and what is the new 'GST' fear

More videos

US markets collapse, Dow sinks 700 points to year low

US markets collapse, Dow sinks 700 points to year low

Watch Fed Chief Powell get quizzed! Can rate hikes really reduce inflation?

Watch Fed Chief Powell get quizzed! Can rate hikes really reduce inflation?

What the Fed! US Markets rebound despite massive rate hike weak growth outlook

What the Fed! US Markets rebound despite massive rate hike weak growth outlook

Fed decision day: Here is what to expect from the Federal Reserve Chair Powell

Fed decision day: Here is what to expect from the Federal Reserve Chair Powell

Market carnage: US markets in a free fall as Fed begins 2-day meet

Market carnage: US markets in a free fall as Fed begins 2-day meet

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

Currency collapse: Rupee sinks to record low, Yen slumps to 28-year low

Explained: Recession risks and why should we care about an inverted yield curve

Explained: Recession risks and why should we care about an inverted yield curve

Markets crash: Prices, Putin and Pandemic - the 3 pronged pain for stocks

Markets crash: Prices, Putin and Pandemic - the 3 pronged pain for stocks

Monday meltdown for markets

Monday meltdown for markets

Federal Reserve meet this week sparks global sell-off

Federal Reserve meet this week sparks global sell-off

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.