Digital advertising stocks fall on Snap's revenue warning and a selloff
Snap (NYSE:SNAP) is now down 28% in premarket trading after warning that its Q2 revenue and EBITDA will fall below its previous low-end guidance.
Snap's selloff has already hit related stocks which are liquid enough to trade before and after trading.
Digital advertising stocks taking a hit include The Trade Desk (TTD) -8.5%, Magnite (MGNI) -7%, PubMatic (PUBM) -3.2%, Roku (ROKU) -4.7%.
For more on Snap (SNAP)'s warning, see Snap slides as it warns on EBITDA, revenues, deteriorating economy
social media peers tumble.
BofA Securities analyst Justin Post lowered the price target on Snap Inc (NYSE: SNAP) to $30.00 (from $50.00)
Essentially implying that the much greater than expected deceleration in y/y growth is a new
it could impact a much larger range of companies who's management teams have not disclosed the concerns yet.
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