Megacap US technology stocks are sinking again along with hopes that this year’s selloff had reached the point of exhaustion.
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Twitter, in one of its last earnings reports before Elon Musk takes the company private, reported revenue that missed analysts’ estimates.
Shares of Snap plummeted 25% on Thursday after it said privacy changes implemented by Apple hurt the company’s ability to target digital advertising.
Users of Facebook’s WhatsApp instant messaging platform can now send disappearing photos and videos on its platform starting this week, as it looks to better compete with Snapchat.
Twitter is building a subscription product as a way to ease its dependence on advertising – a plan that has taken on a heightened priority given the pandemic and pressure from activist investors to accelerate growth.
Twitter is expanding its version of Stories, a product that lets users post photos and videos that disappear after 24 hours, in an effort to encourage more sharing.
Facebook’s WhatsApp will roll out disappearing messages to users this month, which will delete posts in a chat after seven days, mirroring rival platforms such as Signal.
Snap said it would no longer promote US President Donald Trump’s account in Snapchat’s Discover section, saying his incendiary comments last week made the account ineligible.
Snapchat added 13 million daily active users in the last quarter, as the messaging app reported its latest financial results.
Uber Technologies has been told by banks that it could be a $120-billion company when it goes public. Investors will be the ones who decide, though.