Snap’s record rout leads $142bn selloff | MENAFN.COM – MENAFN.COM

Snap’s record rout leads $142bn selloff | MENAFN.COM – MENAFN.COM

The Snapchat application on a smartphone in an arranged photo. Snap posted its biggest one-day drop on record after the Snapchat parent company warned that Apple's data collection rules and global supply-chain bottlenecks are weighing on advertising spending. (MENAFN- Gulf Times) Snap Inc posted its biggest one-day drop on record after the Snapchat parent company warned that Apple Inc's data collection rules and global supply-chain bottlenecks are weighing on advertising spending. The stock tumbled 27%, wiping out about $32bn of a market value that now sits around $89bn. The cautious outlook cast a shadow over ad-dependent peers, including Google-owner Alphabet Inc, Facebook Inc, Twitter Inc and Pinterest Inc, which fell between 3% and 5% each. All-together, Snap's warning erased about $142bn of market value from the company and peers on Friday. Investors are bracing for Snap's challenges to be felt industrywide, with Alphabet, Facebook and Twitter due to report quarterly results next week. The S & P 500 Index snapped a seven-day streak of gains on Friday. Federal Reserve Chair Jerome Powell's comments around rising inflation risk added to investor concern regarding Snap's impact on technology shares. "You bring those two themes together, and I think that's spooked the market