After-hours trading fell for social media and ad tech companies after they reported disappointing second quarter results.
According to Refinitiv, analysts were expecting sales to grow 18% in the third quarter, but the company said revenue is flat.
As investors await second-quarter results from companies reliant on online advertising, their stocks have followed suit.
Facebook's parent company Meta fell more than 5%, whilePinterest fell more than 7%. The stock of the Trade Desk fell while the stock of the parent company of the trade desk fell.
Increased competition from companies like TikTok and a challenging economy were blamed for the disappointing results.
The second quarter proved to be more challenging than the company had anticipated. The company said that it isn't giving guidance for the third quarter because it's difficult to see.
The stock of the company has lost two-thirds of its value in the last two years.
The company said in the letter that they weren't happy with the results they were delivering.
Next week, earnings will be reported by Meta, and then byTwitter. According to analysts, they are expecting a revenue decline for Meta.
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