Internet stocks were under pressure in premarket trading on Friday, dragged lower by Snap (SNAP), after the owner of social media app Snapchat said privacy changes imposed by Apple were weighing on digital advertising and would hurt the holiday quarter to come. Shares of Snap fell 20% in premarket trading slumping after results late Thursday. That put the stock on track to open at a three-month low. Other companies that rely on digital ads were under pressure in premarket trading, including Facebook (FB) down more than 3%, with Etsy (ETSY), Shopify, Stitch Fix and Pinterest all off by 1% or more.
(END) Dow Jones Newswires
October 22, 2021 06:21 ET (10:21 GMT)
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