Snap’s Report Incinerates $80 Billion in Ad Industry Market Cap

A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange while waiting for Snap Inc. to post their IPO, in New York on March 2, 2017. Lucas Jackson/Reuters

Facebook-owner Meta Platforms, Google-owner Alphabet, and other companies that sell online ads lost about $80 billion in combined stock market value on Thursday after Snap posted poor quarterly results and warned of an uncertain outlook.

Slammed by a weakening economy, increased competition from TikTok, and recent privacy changes on iPhones, the Snapchat owner missed second-quarter revenue targets and warned that “forward-looking visibility remains incredibly challenging.”