Facebook, Twitter stock dragged down by dour Snap earnings
Stock prices of Facebook, Twitter and other companies reliant on digital ad revenue fell on word that Snap’s revenue was negatively impacted by new iOS privacy features.
Fallout from Snap’s third quarter earnings miss soured shares of Facebook and Twitter on Thursday, with both companies showing steep drop-offs in after-hours trading.Facebook shed $17 shortly after Snap reported third quarter earnings after the bell, a 6.4% decline that has stabilized to about 4% as of this writing. Twitter dipped nearly 8% to hit a nadir of $60.25, but the stock has since bounced back and is hovering at about 3% below its closing price. Digital advertising companies were also impacted by Snap’s results, reports CNBC.
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