Social media firms lose $181bn in value after Snapchat warning

Among notable decliners were Trade Desk, Magnite, LiveRamp, and Roku, Vizio

The owner of the Snapchat, which sends disappearing messages and adds special effects to videos, reported quarterly user growth in April that topped estimates.

Social media stocks lost more than $180bn (€167bn) in market value after Snapchat-owner Snap’s profit warning, adding to woes for a sector that is already reeling from stalling user growth and rate-hike fears.

Shares in digital ad-dependent Snap tumbled as much as 41%, their biggest intraday decline ever to trade below its 2017 initial public offering price of $17. The sell-off erased about $15bn in market value.