After Snap CEO Evan Spiegel warned investors yesterday to lower their expectations on the company’s revenue as they were dealing with “unforeseen circumstances”, several social media market shares took a significant hit in their value.
More specifically, Snap’s stock value dropped by 43.1 percent on Monday, with Pinterest going down by 23.6 percent, Facebook and Instagram owner Meta dropping by 7.6 percent and Twitter losing 5.6 percent.
Spiegel added that “the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month,” a statement that essentially made all investors pull back from the social media market and caused the massive drop in share prices.
This news comes as social media and tech companies were facing an uphill challenge to make it through the year, with the war in Ukraine, inflation and changing policies by Google and Apple making things increasingly difficult for them.
Spiegel yesterday announced his plans to pull the breaks on further hires for Snap, pointing out in a private memo towards company employees that they would be making 500 additions to their team by the end of the year at the most.
Other media and tech companies, such as Meta and Twitter have also made public their plans to cut down their expenses, in an attempt to weather the storm.
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