Snap’s earnings, Apple’s privacy changes, supply chain disruptions and the future of social media
Shares of Snap are off just over 20% this morning, a huge cut to the valuation of the social networking company.
In one sense, the post-earnings drop is an indictment of the company’s business. On the other, Snap’s stock has merely retreated to midyear levels and remains far above the historical price range it found itself mired in during its more unprofitable days.
But Snap’s earnings report and its ensuing selloff have not held their impact to just the company’s own value. Other social companies have also taken hits: Facebook shares are off nearly 5% this morning, while Twitter is off around 3%. It’s an arse day for social media companies that are public — and for their private-market brethren, even if we can’t see their prices change as granularly.
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