$180 billion wiped out as social media stocks sink on Snap warning

SNAP lost $180bn in market value on Tuesday after Snap Inc.'s profit warning, adding to woes for a sector that is already reeling from stalling user growth and rate-hike fears.

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Snap tumbled as much as 41 per cent, their biggest intraday decline ever to trade below its 2017 initial public offering price of $17. The selloff erased about $15 billion in market value

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Added to the value of declines for peers including FB-owner Meta Platforms Inc. Google-owner Alphabet Inc., Twitter Inc. and Pinterest Inc., the group has seen $181.1 billion wiped

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news spurred widespread selling across the advertising and ad-tech space. Among notable decliners, Trade Desk Inc. sank 20 per cernt, fuboTV Inc. lost 8%

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Snapchat app, which sends disappearing messages and adds special effects to videos, reported quarterly user growth in April that topped estimates

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Snap, FacebookGoogle are competing for ad dollars at a challenging time. Spiraling inflation is putting pressure on companies and consumer spending,

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Nasdaq 100 Index declined more than 3.4 per cent on Tuesday, set to reverse Monday's advance for the gauge

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tech-heavy index is down 29 per cent this year, wiping out several hundred billions in value from the likes of Apple to other so-called growth peers like Netflix

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