A billboard displays the logo of Snapchat above Times Square in New York. Picture: REUTERS/LUCAS JACKSONThe group previously forecast revenue growth for the upcoming quarter of 20%-25% annualised, and earnings before interest, tax, depreciation and amortisation of up to $50m. But it now expects results to miss these forecasts on the back of a “deteriorating” economy.
We have seen historically high-growth stocks correcting and losing favour against more defensive counters and interest-bearing asset classes. However, the extent of the recent correction suggests that value is starting to rear its head in the technology space once again. The US Fang index, which includes Alibaba, Alphabet, Amazon, Apple, Baidu, Meta, Microsoft, Netflix, Nvidia and Tesla, represents top tech counters listed on US exchanges.
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