Monday markets: S4 Capital slumps, social media stocks drop

July 25, 2022 10:52

After Wall Street closed last week with a rally, supported by better-than-expected US Q2 earnings reports and retracement in long-term interest rates, the ASX is set for a weak opening today. Disappointing revenues have been reported in tech stocks, and a significant slump in S4 Capital sees the company lose its coveted ‘unicorn’ status after releasing an ominous profit warning.

Social media and tech stocks have dived following a slump in advertising demand. Twitter and Snap have reported disappointing earnings, and S4 Capital, the post-WPP holding company founded by Sir Martin Sorrell adjusts its target revenue growth after drastically missing market expectations in its earnings.

S4 Capital chair, Sir Martin Sorrell (pictured)

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Seja Al Zaidi

Seja Al Zaidi was Mumbrella’s finance reporter, spearheading the publication’s coverage on the financials of advertising, marketing and media sectors.

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