FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson
(Reuters) - A rise in a key advertising metric for Snap Inc that reported an otherwise insipid quarter could bode well for Facebook owner Meta Platforms and Alphabet, analysts said on Wednesday.
Shares of the Snapchat owner fell 13% on a dour revenue forecast, which the company blamed on a weak economy and stiff competition. But Snap's direct response advertising business, which is key for market leaders Meta and Google, was a bright spot.
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