Online Advertising Market , Tumbles as Snap, Stocks Plummet.<br />On May 23, shares in Snap plunged 30% in extended <br />trading after CEO Evan Spiegel warned that the company <br />will miss its revenue and adjusted earnings targets. .<br />On May 23, shares in Snap plunged 30% in extended <br />trading after CEO Evan Spiegel warned that the company <br />will miss its revenue and adjusted earnings targets. .<br />NBC reports that Spiegel broke the news in a note <br />to employees, saying that the company will also <br />slow hiring as a way to manage expenses.<br />NBC reports that Spiegel broke the news in a note <br />to employees, saying that the company will also <br />slow hiring as a way to manage expenses.<br />Today we filed an 8-K, sharing that the macro <br />environment has deteriorated further <br />and faster than we anticipated when <br />we issued our quarterly guidance last month, Even Spiegel, Snap CEO, via NBC.<br />Today we filed an 8-K, sharing that the macro <br />environment has deteriorated further <br />and faster than we anticipated when <br />we issued our quarterly guidance last month, Even Spiegel, Snap CEO, via NBC.<br />As a result, while our revenue <br />continues to grow year-over-year, <br />it is growing more slowly <br />than we expected at this time, Even Spiegel, Snap CEO, via NBC.<br />Back in April, Snap missed <br />Wall Street expectations for <br />sales and profit in the first quarter.<br />Monday's update from Snap hit <br />the online advertising market hard.<br />Facebook's parent company Meta <br />fell 7% in after-hours trading, Twitter dropped <br />almost 4% and Pinterest slipped 12%.<br />Facebook's parent company Meta <br />fell 7% in after-hours trading, Twitter dropped <br />almost 4% and Pinterest slipped 12%.<br />As of May 23, shares in Snap were <br />down more than 50% for the year.<br />In after-hours trading, <br />stock in Snap fell 28%, <br />reaching $16.15. .<br />If the shares continue to fall more than 26.6% <br />on May 24, it would be the stock's worst day <br />since the company went public in 2017.<br />NBC reports that the company has been impacted by rising inflation and interest rates, labor shortages and platform policy changes. .<br />NBC reports that the company has been impacted by rising inflation and interest rates, labor shortages and platform policy changes.
