Why MongoDB, HubSpot, and DocuSign Fell Hard Today
Shares of high-growth software names MongoDB (NASDAQ: MDB), HubSpot (NYSE: HUBS), and DocuSign (NASDAQ: DOCU) fell hard today, down 7.6%, 8.2%, and 8.6% as of 3:45 p.m. ET, respectively.
There wasn't any material news out of these companies today; however, it appears last night's earnings pre-announcement from tech peer Snap (NYSE: SNAP) is being extrapolated to many tech stocks, especially those that cater to small businesses and other tech start-ups.
Last night, Snap issued a mere paragraph-long statement, saying, "Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range."
Source Fool.com
