The market threw a bit of a hissy fit on Tuesday after social media company Snap (NYSE: SNAP) published an 8-K saying it would miss its second-quarter revenue guidance due to macroeconomic concerns.
Investors took this as a cue that the digital advertising market is headed for a slowdown and decided to sell off mega-cap names like Meta Platforms , Alphabet , and Amazon . The S&P 500 was down 0.81% on the day and the Nasdaq 100 , which has a lot of exposure to the digital advertising industry, was down 2.20%.
Here's what Snap said in the letter and what it could mean for the digital advertising industry and the stock market in general.
For further details see:
Snap Suddenly Lowered Its Quarterly Guidance. Here's What It Might Mean for the Digital Advertising Industry.