Uh oh. Snap’s warning this afternoon that its second-quarter revenue and profits will be below what it projected just a few weeks ago, thanks to a faster than expected deterioration in macroeconomic conditions, is an ominous signal for the ad market. Snap had outperformed many of its digital ad peers, most obviously Meta Platform, Twitter and Pinterest, in revenue growth in recent quarters. If Snap is feeling things this badly, how are those other companies faring? 

Not surprisingly, while Snap stock collapsed 30% in after-hours trading, those other stocks all fell, although not quite as much. Holding up best is Twitter, supported by the hope—however faint—that Elon Musk will complete his buyout. Of course, it's clearer now why Twitter CEO Parag Agrawal’s decided a couple of weeks ago to freeze hiring—and why Musk has been concocting spambot-related excuses to weasel out of the deal.