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The social media sector fell in early U.S. trading on Friday. As of press time,Snap(SNAP.US) fell 29.53%,Pinterest(PINS.US) fell 5.35%,Twitter(TWTR.US) fell 4.57% and Match Group (MTCH.US) fell 4.03%.
Snap’s poor Q3 results weighed on the social media sector. According to the financial report, the company’s Q3 revenue was US$1.13 billion, an increase of only 6% year-on-year. This is the first time the year-on-year growth rate has fallen to single digits since the company went public in 2017. The market is expected to be US$1.14 billion. While adjusted earnings per share were $0.08 and the market was expecting a loss of $0.02 per share, its net loss widened 400% year over year to $360 million, or $0.22 per share, compared with a loss of $0.05 a year earlier, in part due to a loss of $1.55 billion in restructuring charges. In addition, the company noted that revenue growth in the fourth quarter will likely continue to slow.
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Responsible editor: Guo Mingyu