Why Meta Platforms and Pinterest Stocks Slipped Today
Thursday was hardly a banner day to be invested in social media companies. Some of the top stocks in the sector, including bellwether Meta Platforms (NASDAQ: META) and hobbyist site Pinterest (NYSE: PINS), suffered declines on the day. This was largely due to the fallout from an awful quarter reported by one of their more high-profile peers.
Their stumbling social media colleague is Snap (NYSE: SNAP), which reported its third-quarter results after market hours on Wednesday -- and probably wished it hadn't. While its headline numbers weren't bad on paper, concerns about top-line growth weighed heavily on investors.
Snap's revenue inched up by 6% on a year-over-year basis (to $1.13 billion). However, that was the weakest figure in its over five-year history as a publicly traded company. Meanwhile, non-GAAP (adjusted) net profit fell by more than half, to $132 million ($0.08 per share) from the year-ago $268 million.
Source Fool.com
