As of March 17, Snap’s share price had fallen by more than 7% in the past week. The concerns about Snap’s ad-market weakness and competition have led to a drop in its share price. The company’s weak projections have dragged down other ad-supported tech giants, including Alphabet, Meta, and Pinterest. Despite the earnings beat, investors are wary of what the slowed ad market will mean for the company’s numbers in the future. Snap missed revenue expectations for the fourth quarter but beat earnings with a 36% year-over-year decline in earnings per share. The company had a difficult 2022 as a slowing economy led many companies to slash their digital ad budgets, affecting Snap’s projections. Snap shares have been trading lower amid market weakness and potential profit-taking as investors remain concerned about the ad market’s weakness and competition.
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