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Quick Tech News


by Alexander Fäh

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Social media apps suffer massively on the stock market

Once again, Snap Inc. publishes its quarterly report. Revenues are growing less quickly than first assumed. This has consequences for all social media apps.

Social media is currently suffering very badly; Image: EBU

After Snapchat published its report, the stock stumbled. Within a few minutes, it lost 25% in value. According to Snapchat, the reason is that advertisers have cut their advertising budgets due to high inflation.

Stock performance of social media companies; Image: Reuters

The Snapchat share is now -90% from its all-time high. If the claim about inflation is true, Google and Meta could also suffer greatly. The two stocks also got something from Snapchat and fell by 3% in some cases. Google publishes its quarterly report next Tuesday, Meta a day later.


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