Snap sends shares tumbling with warning on economy and earnings

2022-05-24 11:15:00 PM

Snap sends shares tumbling with warning on economy and earnings

Snap sends shares tumbling with warning on economy and earnings

Snap Inc said the U.S. economy had worsened faster than expected in the last month and the social media company slashed its quarterly forecast, triggering an after-hours sell-off.

Shares of Snap fell 31%, Alphabet dropped 3.6% and Amazon dropped 2.2%. Nasdaq futures also fell, with traders blaming Snap.US stocks had ended higher on Monday, led by gains from banks and tech, but the rise follows Wall Street's longest streak of weekly declines since the dotcom bust more than 20 years ago and many investors remain on edge.

Snap Chief Executive Evan Spiegel told employees in a memo seen by Reuters that the company will slow hiring for this year and laid out a broad slate of problems."Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more," he wrote.

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Watchdog group before N.B. Court of Appeal in effort to block snap elections | Globalnews.caThe non-profit group says the snap election violated the constitutional principles of the sovereignty of Parliament and responsible government.

Stocks are plunging again today after Snap's bleak forecast sparks selloffStock is set for its worst single\u002Dday drop

Watchdog group before N.B. Court of Appeal in effort to block snap elections | Globalnews.caThe non-profit group says the snap election violated the constitutional principles of the sovereignty of Parliament and responsible government.

Opinion: Canada needs a more strategic approach to build out the net-zero economyTo facilitate long-term energy transition, we need to tie together the strategies for critical minerals, clean power, hydrogen, biofuels and other structural elements of a net-zero economy We need more nuclear power not more of this gibberish. We are 1.6% of world emissions, so even at net-zero it is negligible! It's China, India, Russia and the US that have to change! Funny thing is Canada has a net-negative economy. Boreal forest cleans/stores more CO2 than Canada produces.

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India sends food, medicine donation to crisis-hit Sri LankaSri Lanka received a first consignment of a US$16 million humanitarian aid package from neighboring India to help mitigate severe shortages caused by the country's worst economic crisis in recent memory. This is the result of China's debt entrapment policy of small nations...everyone should condemn china for its shadiness, whether it is covid or other tactics Arent we sending them aid 🤣. Time to stop the handouts

Since late April, "the macroeconomic environment has deteriorated further and faster than anticipated.The premier called the snap election after opposition parties refused a proposal to support his minority government until the fixed election date in 2022 or until the end of the pandemic.Scroll Right Article content “Snap is a proxy for online advertising and when you see weakness there then you automatically think Facebook, Pinterest and Google,” Dennis Dick, a trader at Bright Trading LLC in Las Vegas, said.The premier called the snap election after opposition parties refused a proposal to support his minority government until the fixed election date in 2022 or until the end of the pandemic.

As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range," the company said in a US securities filing. Shares of Snap fell 31%, Alphabet dropped 3. Read more: N.6% and Amazon dropped 2.” Advertisement 3 This advertisement has not loaded yet, but your article continues below.2%. Opposition accuses premier of not making official languages review ‘a priority’ In October, the Court of Queen’s Bench ruled against Democracy Watch, saying the premier is allowed to advise the lieutenant-governor to dissolve the legislative assembly and that the lieutenant-governor is free to exercise his or her discretion in response to that advice. Nasdaq futures also fell, with traders blaming Snap. In its submission to the Court of Appeal, Democracy Watch says the lower court judge made a false claim about what their lawyer had argued.

US stocks had ended higher on Monday, led by gains from banks and tech, but the rise follows Wall Street's longest streak of weekly declines since the dotcom bust more than 20 years ago and many investors remain on edge. This report by The Canadian Press was first published May 24, 2022.2 per cent. Snap Chief Executive Evan Spiegel told employees in a memo seen by Reuters that the company will slow hiring for this year and laid out a broad slate of problems. "Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more," he wrote. Last month, Snap forecast second quarter revenue growth of 20% to 25% over the previous year.S. The news follows statements by companies including Uber and Facebook-owner Meta Platforms earlier this month that they would rein in costs and hiring.

In the memo, Spiegel said Snap would evaluate the rest of this year's budget and "leaders have been asked to review spending to find additional cost savings." Some planned hiring will be pushed into next year, though the company still expects to hire more than 500 people by the end of this year, he said. Advertisement 4 This advertisement has not loaded yet, but your article continues below. .