Why Many Social Networks Saw Their Shares Crash Today

Shares of many popular social network operators had another bad day on Wednesday. Dating services specialist Match Group (NASDAQ: MTCH) fell 9.7%, microblogging veteran Twitter (NYSE: TWTR) closed the day 10.1% lower, and image-sharing expert Pinterest (NYSE: PINS) took a 13.6% haircut.

These companies may not look like they should suffer much from the coronavirus pandemic, since social distancing efforts and quarantines only give their users more time to explore and enjoy their social networking services. But that's exactly what is going on, not just today but across the entire COVID-19 market chaos.

The virus panic continued to evolve today. The global count of coronavirus cases passed 200,000 for the first time and more than 100 people have now died from the COVID-19 disease in the United States. On the upside, the original hotspot of Wuhan, China, reported just one new virus patient for the second day in a row, indicating an effective containment effort in that city of 11 million people. Furthermore, a team of researchers at Oxford University has developed a much faster coronavirus test that can return results in 30 minutes, and also catches the disease in early stages without any medical symptoms.

Source Fool.com