5/24, 11:19 AM (Source: TeleTrader)
more TeleTrader news

Social media shares plunge following Snap's warning

Some of the tech companies with exposure to digital advertising fell in the premarket session of Tuesday due to Snap's drop following its CEO's announcement.

"Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more," said CEO Evan Spiegel in a memo to the employees, as reported by Insider.

Snap shares fell 28.93% at 5:41 am ET during the premarket session. Meanwhile, Meta Platforms fell over 6%, Pinterest shares dropped 12%, and Twitter declined 4%.

Baha Breaking News (BBN) / JG