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Snap's 26.6% premarket decline drags down Meta, Google, Pinterest and other stocks exposed to online ad market

Snap Inc. stock's 26.6% premarket decline on Friday dragged down other big tech names that rely on online advertising. Twitter Inc. was down 8% with a report that Biden administration officials are considering subjecting some of Elon Musk's ventures to national-security reviews adding to the downdraft. Facebook parent Meta Platforms Inc. was down 3.8 % and Google parent Alphabet Inc. was down 1.8%. Pinterest Inc. was down 6.9% and Trade Desk Inc. was down 6%. Snap was hit after revenue rose less than 6% in the third quarter, marking its slowest quarterly growth ever recorded - and said that the holiday season is shaping up similarly, with sales increasing just 9% so far in the quarter. The social-media company, which laid off roughly 20% of its staff this summer in response to the issues, also declined to provide a full forecast for the important fourth quarter.

-Ciara Linnane


(END) Dow Jones Newswires

10-21-22 0659ET

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