Facebook and Alphabet Pummeled After Snap Warns on Ads
- App maker tumbles as much as 30% after weak revenue forecast
- Ad-spending concerns add to recent woes for Facebook shares
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A collapse in shares of Snap Inc. dragged technology companies exposed to digital advertising lower late on Thursday after the owner of the Snapchat app warned that customers are cutting back on ad spending.
Facebook Inc. and Twitter Inc. were among the biggest decliners, with each at one point sinking more than 6% in postmarket trading. Google-parent Alphabet Inc. slid 2.8%. Snap cited customers’ supply chain problems and Apple Inc.’s data collection policies for a revenue forecast that fell short of the average analyst estimate.