Second-quarter earnings reports from Snap, Inc. (NYSE: SNAP) and Twitter, Inc. (NYSE: TWTR) served as a stark reminder of the problems faced by social media companies in recent times.

Snap Revenue Misses: Quarterly results from Snapchat parent Snap showed that topline results were shy of estimates. The company blamed the macroeconomic weakness for the softness.

Snap’s results are rapidly diverging from the industry, KeyBanc Capital Markets analyst Justin Patterson said in a note reviewing the results. To support his deduction, he highlighted comments from ad agencies that suggested things were fine in the first half of the year, as well as at the start of the third quarter. Snap, according to the analyst, is facing competitive pressure from rivals such as TikTok and is finding it …

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