Snap Suddenly Lowered Its Quarterly Guidance. Here's What It Might Mean for the Digital Advertising Industry.
The market threw a bit of a hissy fit on Tuesday after social media company Snap (NYSE: SNAP) published an 8-K saying it would miss its second-quarter revenue guidance due to macroeconomic concerns. Investors took this as a cue that the digital advertising market is headed for a slowdown and decided to sell off mega-cap names like Meta Platforms, Alphabet, and Amazon. The S&P 500 was down 0.81% on the day and the Nasdaq 100, which has a lot of exposure to the digital advertising industry, was down 2.20%.
