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Social media stocks plunge on Snapchat warning
CNN
Wall Street was not in a particularly social mood Tuesday. Social media stocks plummeted following an ominous earnings warning from Snapchat's parent company.
Shares of Snap (SNAP) plunged 40% Tuesday and hit their lowest level since March 2020, just after the Covid-19 pandemic hit the United States.
The company said in a regulatory filing that its dim outlook was due to the fact that "the macroeconomic environment has deteriorated further and faster than anticipated."
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