TECH Snap shares plunge nearly 30%, closing at lowest since early 2019
KEY POINTS Snap’s revenue missed estimates, coming in at $1.13 billion versus $1.14 billion expected. Bernstein downgraded the stock to market perform from outperform and reduced its price target to $9 from $15. The social media company has suffered as a result of the struggling online advertising market. In this article SNAP -0.08 (-1.03%) Follow your favorite stocks Evan Spiegel, CEO of SNAP Inc. Stephen Desaulniers | CNBC Shares of Snap fell 28% Friday after investors continued to digest the company’s third-quarter earnings report that was released Thursday night. Shares are now trading at levels not seen since February 2019. The company posted an unexpected profit, but revenue missed estimates slightly, coming in at $1.13 billion versus the $1.14 billion expected, according to a Refinitiv survey of analysts. The social media company has suffered as a result of the struggling online advertising market. Apple ’s data privacy update in 2021 has limited the ability of social med