Meta, Alphabet, and Pinterest shares
Pinterest shares – After Snap Inc., the company that controls Snapchat, said inflation was to blame for its slowest revenue growth since going public five years ago, shares of Meta Platforms, Alphabet, a firm that owns Google, and other companies that sell internet advertisements dropped late on Thursday.
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Snap was the first major social media business to report its September quarter earnings, and after the bell its shares fell 25% due to the underwhelming results. Snap warned that there wouldn’t be any revenue increase over the typically busy holiday season.
Investors are concerned that the US Federal Reserve‘s aggressive interest rate increases intended to curb decades-high inflation could badly harm the economy.
Snap’s stock, which was last trading at around $8 per share, has now dropped 90% from the closure of its all-time high in September 2021. In a highly anticipated initial public offering in 2017, Snap made its stock market debut with a share price of $17.
Pinterest shares
In a letter to investors, Snap said that several sponsors had cut their marketing budgets due to inflation.
The third quarter’s revenue, which concluded on September 30, increased by 6% to $1.13 billion. According to Refinitiv, the amount only barely fell short of analyst projections of $1.14 billion.
In an effort to reduce expenses and brace itself for a weakening economy, the business said in August that it will fire 20% of its employees and halt projects including gaming and a flying camera drone.
On Tuesday, Alphabet releases its quarterly earnings, and on Wednesday, Meta.
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