(Bloomberg) — Snap Inc. plunged 43%, posting its biggest-ever one-day drop and dragging down social media peers, after the company cut its revenue and profit forecasts, blaming the weaker economic outlook for a sudden slowdown of its advertising business.
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“We continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more,” Chief Executive Officer Evan Spiegel…
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