2023-05-01 09:50:39 ET
The technology sector is in the middle of an important earnings season for the quarter ended March 31. Investors are keeping an eye on how companies are navigating this difficult economic environment, as inflation remains elevated and interest rates continue to rise.
Companies like Snapchat parent Snap (NYSE: SNAP) , which rely on advertising revenue, have struggled. Businesses cut their marketing budgets to conserve resources and because they fear a lower return from their marketing because consumer spending is more constrained.
Snap stock sank 19% after the company reported its first-quarter earnings, taking its overall decline from its all-time high to 89%. But there were some key positives in its results, so here's why investors might want to take this opportunity to buy the stock on the dip.
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Snap Stock Has Crashed 89%, But Here's Why It's a Buy Now