Company News

May 23, 2022

Investors Say “Oh $SNAP” As Company Slashes Guidance

Snap is collapsing after it surprised investors with a late-day guidance update. ⚠️

The company missed Q1 top and bottom-line expectations in April but apparently wasn’t aggressive enough with its forecasting at the time.

Today, CEO Evan Spiegel warned employees in a company note, saying it will miss its own targets for revenue and adjusted earnings this quarter. He noted, “We believe it is now likely that we will report revenue and adjusted EBITDA below the low end of the guidance range we provided for this quarter.” 🔻

Additionally, he noted that Snap would slow its hiring pace for the rest of the year as it looks to control costs amid rising inflation and interest rates, supply chain shortages, labor disruptions, and platform policy changes.

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$SNAP is currently down 30%, with shares of $FB (-8.71%) , $TWTR (-3.22%), and $PINS (-16.42%) also sliding on the news. 📉

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