Snapchat shares fell more than 30%

Snap shares fell more than 30% early Friday after disappointing earnings, as US stocks were mixed in the final session of a profitable trading week.

About 30 minutes into trading, Snapchat’s parent company was down 35.4 percent after reporting a quarterly loss nearly tripled to $422 million due to increased competition, slowing revenue growth, “upended” advertising industry standards, and macroeconomic woes.

Stocks have risen in the last three sessions, raising hopes that the market has rebalanced following a bruising first half of 2022.

However, analysts warn that several key earnings reports, as well as the Federal Reserve meeting next week and influential economic releases such as a reading of second-quarter US growth, are still to come.

At 32,063.01, the Dow Jones Industrial Average was up 0.1 percent.

The S&P 500 fell 0.1 percent to 3,994.13, while the tech-heavy Nasdaq Composite Index fell 0.4 percent to 12,009.75.

Among the other companies that reported results, American Express gained 4.2 percent, Schlumberger gained 6.0 percent, and Mattel lost 2.4 percent.