What Is The Reason For The Sharp Drop In Alphabet Stock?

GOOG’s price reached a monthly high of $ 2877 this week and the stock has been trading at a high price until today. However, on Friday the worth fell sharply to $2772, which shows a 2% decrease in the price in 5 days. This drop came after Snap’s third-quarter report, whose results didn’t quite meet the expectations and forecasts of analysts. GOOG wasn’t the only stock that plummeted from the effect of the Snap report; FB (-3,6%), PINS (-2%), and other stocks fell as well.

Stocks were hit by a new Apple policy that prohibits the collection of user data for advertising targeting without user consent. Companies suffered because advertising was the source of their income. Snap’s revenue was $ 1.07 billion, an increase of 57%. However, according to analysts’ forecasts, revenue should have been $ 1.10 billion. Snap expects revenues to increase by $ 110 million in the next quarter.