Social media has had a rough 2022 with lingering questions about advertising spending, political ads and a $44 billion takeover of Twitter that may or may not be happening, depending on which Elon Musk tweet you read.
FILE - The logo for Snap Inc. appears above a post on the floor of the New York Stock Exchange, Feb. 5, 2020. Social media companies are having a tough go of it so far in 2022 as Snap issued a profit warning due to current economic conditions. Snap Inc., the parent of Snapchat, disclosed in a regulatory filing on Monday, May 23, 2022 that ever since it provided its outlook for the second quarter last month, the macroeconomic environment has deteriorated further and faster than anticipated.
Social media companies are competing for the same pool of advertising money that is increasingly under threat from spiking inflation and also changes at Apple Inc. thatShares of Snap Inc. plunged 43% Tuesday.And with Wall Street unsure if the company is an outlier or a canary in the social media coal mine, shares of Facebook parent Meta Platforms, Twitter, Alphabet and Pinterest all slumped alongside it.
Justin Patterson of KeyBanc Capital Markets who follows social media warned investors not to read too much into Snap's profit warning, calling it “a cautionary flag but not one to sound the alarm on the entire sector." The volatility comes in a week when both Meta Platforms and Twitter hold their annual meetings with shareholders, with a particularly intense focus on what could be a lively gathering for Twitter. Elon Musk has
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