Shares of Snap Inc. and its peers tumbled on Friday, as Wall Street reeled from what were described by one aghast analyst as “terrible” results and downgrades rained down on the Snapchat parent. Snap shares
skidded by as much as 39.3% through 1 p.m. Eastern on Friday, threatening to put up their second biggest one-day percentage decline in the stock’s history, though it would also be its second biggest in the past two months — shares plunged 43.1% in May after Chief Executive Evan Spiegel warned Wall Street that the second quarter would be bad. Snap, which began this year with a market capitalization of nearly $76 billion, has seen nearly $60 billion of that valuation wiped away, a decline of 78%.
Other social-media and online-ads companies also felt the pain, as fears about the industry that many analysts had already voiced managed to multiply. Pinterest
stock fell as much as 14.4%, shares of Facebook parent Meta
fell declined as much as 7.8%, ad-tech company The Trade Desk
plunged as much as 9% and Google parent Alphabet Inc.
dropped as much as 6%. Twitter Inc.’s
Friday morning earnings report seemed to confirm fears about online-ad revenue, though its stock bounced back after the company blamed Elon Musk for its tough quarter. Snap report …