Snap Inc. (NYSE: SNAP) shares dropped more than 24% after-hours after the company announced that revenue and adjusted EBITDA will come at the low end of its Q2 2022 guidance range due to the macroeconomic environment deteriorating further and faster than anticipated.

The company issued its Q2 guidance on April 21, 2022, expecting revenue growth of 20-25% year-over-year, and adjusted EBITDA between breakeven and $50 million.

The news is also impacting peers like Meta Platforms, Inc. (NASDAQ: FB), Google (NASDAQ: GOOGL), Twitter (NYSE: TWTR), and Pinterest, Inc. (NYSE: PINS), which are all down between 3 and 9% after-hours.

By Davit Kirakosyan