Snapchat parent Snapchat parent plummeted 27% in the after-hours session. Facebook parent Meta Platforms Inc. and Pinterest Inc dropped more than 4% each. The losses mark the second major sector selloff sparked by Snap in two months. There are growing signs that tech companies are preparing for a recession with some pulling back on hiring. Already battered tech stocks may face more pressure as earnings season ramps up next week, analyst says.Snap didn’t issue financial guidance for the third quarter, except to say that revenue so far in the period is about flat compared with last year. The company reiterated it plans a “substantially reduced rate of hiring,” echoing plans by Apple and others. The economic outlook is “certainly not in good shape” . . .
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