Snap shares fell more than 30 percent early Friday after disappointing results as U.S. stocks were mixed in the final session of a positive trading week.
About 30 minutes into trading, Snapchat’s parent company was down 35.4 percent as it pointed to a punitive confluence of increased competition, slowing revenue growth, “upside-down” advertising industry standards and macroeconomic woes when it reported that almost tripled its quarterly loss to $422 million.
Shares have risen over the past three sessions, raising hopes that the market may have turned after a bloody first half of 2022.
However, analysts are warning that there are still some important earnings reports to come, as well as next week’s Federal Reserve meeting and influential economic releases such as US second quarter growth data.
The Dow Jones Industrial Average rose 0.1 percent to 32,063.01.
The broad-based S&P 500 lost 0.1 percent to 3,994.13, while the tech-rich Nasdaq Composite Index fell 0.4 percent to 12,009.75.
Among the other companies reporting results, American Express gained 4.2 percent and Schlumberger 6.0 percent, while Mattel fell 2.4 percent.
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