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stock tanks to 52-week low as TikTok rises – Source

Shares of Snap, the parent company of Snapchat, tumbled to a new low Monday after the company was downgraded by another group of investment analysts—Wedbush’s this time. They cut shares from an “outperform” rating to a “neutral” rating, fixing a $36 target price on stocks and writing that “we see risks to Snap’s revenue growth targets stemming from IDFA headwinds, difficult comps from stellar growth in 2020-21, and increasing competition from TikTok in particular.”

“IDFA headwinds” refers to the tweaks that Apple made to privacy rules for mobile-app advertising back in April. An iPhone update gave users the power to stop advertisers from using a device ID. The move caused the social media giants to take a big wallop—reportedly a collective loss of $10 billion.

Since then, TikTok’s rise has remained meteoric, Facebook shares have rebounded, and Google barely even registered the hit as YouTube’s parent company. Yet the downward arc has continued for Snap:…

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