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Snap Q2 Report Sparks $80 Billion Loss in Ad Industry Market Cap Amid Tiktok Competition, Inflation Concerns

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Snap Q2 Report Sparks $80 Billion Loss in Ad Industry Market Cap Amid Tiktok Competition, Inflation Concerns

Snap announced poor second quarter earnings on Thursday, missing Q2 revenue targets and bringing the company’s shares down by 26 percent. The camera-based chat service has lost over 70 percent in 2022. The report also sparked a selloff in rival internet ad sellers, as Facebook owner Meta dropped 5 percent in extended trade, while Alphabet and Pinterest fell 3 and 7 …

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