SNAP - Snap Got Crushed By Growth Concerns | Benzinga
Last week, Snap (NYSE: SNAP) stock got crushed as they tumbled nearly a third after the social media company published its fourth quarter results on Tuesday, a day after announcing it will be cutting 10% of its global workforce as part of its reorganization that aims to reduce hierarchy and promote better collaboration. Even Facebook and Instagram owner, Meta Platforms (NASDAQ: META) and Google and YouTube parent Alphabet (NASDAQ: GOOG) were not immune to layoffs that plagued the industry.
But the world’s biggest players got to benefit from online ad market recovery.
Snap narrowly missed Wall Street’s expectations while its much bigger peers and world’s biggest advertisers, Alphabet and Meta Platforms scored far batter. Even Amazon.com Inc (NASDAQ: AMZN) reported impressive online ad growth. Collectively, Meta, Alphabet and Amazon ad revenues grew more than $17 billion YoY in fourth quarteralone. Meta reported its ad revenue rose 23.8% YoY to $38.7 billion. Alphabet reported its ad revenue rose 11% YoYto $65.52 billion. ...