Mixed Day for Internet Stocks
It was the best of times, it was the worst of times. For social media stocks, that pretty much sums up today’s market action.
Twitter’s (NYSE:TWTR) stock is plunging more than 21% to around a two-month low after worries about a slowdown in active user growth and valuation concerns overshadowed an earnings beat and better-than-expected advertising revenue. Shares of the micro-messaging service are having their worst day since they started trading in November.
Pandora Media (NYSE:P) is another big loser. Shares are tumbling more than 12%, the steepest loss since August, after the Internet radio company forecast FY earnings that were below expectations, mostly due to rising content costs.
On the plus side, Yelp (NYSE:YELP) shares are surging 19% to a record high after the consumer ratings website beat on the top and bottom lines, and forecast current-quarter and full-year profit and revenue that topped Street estimates.
Social Media Stocks