Stock Market Today: Stocks' Momentum Stalls After Shocking Snap Earnings

The Snapchat parent posted its slowest quarterly revenue growth on record and said it plans to cut back on hiring.

Snapchat logo on smartphone
(Image credit: Getty Images)

The Nasdaq's impressive multi-day winning streak came to a screeching halt on Friday as a negative earnings reaction for social media stock Snap (SNAP, -39.1%) weighed on the broader tech sector.

The parent company of photo-sharing app Snapchat last night reported its weakest quarter ever for revenue growth (+13% year-over-year to $1.11 billion). SNAP also swung to a per-share loss of 2 cents from earnings of 10 cents per share in Q2 2021, while daily active users were up 18% to 347 million. All three metrics fell short of what Wall Street was expecting. Additionally, the company said it will "substantially" slow hiring in order to cut costs.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.