Snap Crackles and Pops After CEO Issues Warning
Snap (NYSE: SNAP) CEO Evan Spiegel surprised the market with a cautionary statement warning the company would deliver worse-than-expected revenue growth in the current quarter. Macroeconomic factors are creating increasing uncertainty for businesses worldwide.
Snap derives nearly all its revenue from advertisers looking to influence buyers. The volatility in the market is causing marketers to pull back spending, hurting Snap. The stock tanked 43% on the day following the announcement.
Image source: Getty Images.
Source Fool.com
