Snap – After the business released poor second-quarter data, Snap’s stock fell 39.1%. The parent company of Snapchat, which also announced intentions to reduce recruiting, attributed the top and bottom line shortfall to weakening demand for its online advertising platform as well as changes to Apple’s iOS. As a result of the results, Snap was subject to a flurry of downgrades on Wall Street.
Share nearby: Android explains how to use functionality for mobile users Facestealer malware, renowned for targeting Facebook users with bogus Facebook login screens in an effort to steal user names and passwords, was another threat discovered within the apps. A total of 300,000 people downloaded the programme, which includes keyboard, camera, messaging, and even blood pressure apps, making this most recent danger quite significant.
Internet stocks – As a result of Snap’s poor performance, the stocks of tech businesses that depend on online advertising fell. Shares of Meta Platforms, Alphabet, and Pinterest decreased 7.6%, 5.6%, and 13.5%, respectively, on concerns that these companies could potentially be negatively impacted by the slowing of online ad sales.
Mattel — Shares of the toymaker fell more than 7% despite the company reporting a beat on the top and bottom lines for its most recent quarter. American Girl sales slid almost 20%, Mattel said. Paramount Global — Shares of Paramount shed 2.9% after MoffettNathanson downgraded the company to underperform and slashed its price target for the stock. The firm said its lower rating was due to the potential for an upcoming recession, which would slow advertiser spend and put additional pressure on the company.
Despite the firm reporting dismal earnings for the most recent quarter, Twitter’s shares rose by about 1%. Twitter attributed the decline in income to broader advertising market challenges as well as uncertainties around Elon Musk’s proposed takeover.
Schlumberger — On the strength of quarterly results that exceeded expectations on the top and bottom lines, the oilfield services company’s stock rose 4.3 percent. Additionally, Schlumberger improved its outlook for the entire year.
Capital One Financial — Capital One shares dipped 4.7% after the financial services company missed earnings and revenue estimates in the recent quarter. The company reported earnings per share of $4.96 on $8.23 billion in revenue. Seagate — The technology stock dove 8.1% after missing estimates on the top and bottom lines in the recent quarter. Seagate reported earnings per share of $1.59 on $2.63 billion in revenue.
Intuitive Surgical — The medical devices company’s stock shed 5.7% after missing estimates on earnings and revenue in the recent quarter. Earnings per share came in 5 cents below estimates, according to Refinitiv. Schlumberger — The oilfield services stock added 4.3% on the back of quarterly results that beat expectations on the top and bottom lines. Schlumberger also raised its outlook for the full year.