SNAP

Snap Inc.

14.40
USD
0.14%
14.40
USD
0.14%
11.88 83.34
52 weeks
52 weeks

Mkt Cap 19.49B

Shares Out 1.36B

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Internet stocks slide premarket as Snap's profit warning sends stock down 30%

A slew of internet stocks were sharply lower premarket Tuesday, caught up in the wave of selling sparked by Snap Inc.'s SNAP, -3.40% warning late Monday that second-quarter earnings would lag estimates. Snap CEO Evan Spiegel issued the warning at a JP Morgan technology conference, and the company filed it with the SEC. Spiegel said that the economy has "definitely deteriorated further and faster" than Snap SNAP, -3.40% had expected when it gave its forecast during its earnings call last month. He added that the Snapchat parent is slowing its hiring pace for the year and looking for ways to cut costs. Snap shares fell 30%, Meta Platforms Inc. FB, +1.39% was down 7%, Alphabet Inc. GOOGL, +2.37% was down 3.5%, Pinterest Inc. PINS, -1.40% was down 12%, Twitter Inc. TWTR, -1.12% was down 3.6% and Amazon.com Inc. AMZN, -0.03% was down 2%. Netflix Inc. NFLX, +0.58% fell 1.6%. Read Next The U.S.-listed shares of Nio Inc. undefined dove 4.8% in morning trading Monday, to buck the rally in the broader stock market, after fellow China-based electric vehicle maker XPeng Inc. undefined provided a disappointing second-quarter revenue outlook. Nio's stock drop comes after it had bounced 29.3% over the past seven sessions, off the 22-month closing low of $12.71 on May 11. Earlier Monday, XPeng reported a first-quarter loss that widened from year ago but beat expectations, as revenue more than doubled from a year ago but fell from the sequential fourth quarter, but also topped forecasts. For the second-quarter, however, that it expects revenue of RMB6.8 billion to RMB7.5 billion, which was below the FactSet consensus of RMB8.14 billion. XPeng's stock sank 7.5%, and rival Li Auto Inc. undefined shed 4.2%. And shares of Tesla Inc. undefined, which generated about 25% of its first-quarter revenue from China and about 26% of 2021 revenue from China, slipped 0.3% toward a 10-month low. Meanwhile, the S&P 500 undefined surged 1.5% in morning trading. About the Author

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