The owner of Snapchat added to US economy concerns last night by warning that it will miss earnings forecasts for the current quarter.
Snap’s shares plunged more than 30% in after-hours trading on Wall Street as the social media platform said the macroeconomic environment had “deteriorated further and faster than anticipated”. Facebook owner Meta Platforms was 7% lower and Twitter fell by 4%.
In the UK, the latest public sector net borrowing figure of £18.6 billion was the fourth-highest for April since records began in 1993 but £5.6 billion below a year earlier.
