Snap Inc (SNAP) PT Lowered to $27 at KeyBanc

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Go back to Snap Inc (SNAP) PT Lowered to $27 at KeyBanc

'Snap Drops a Bomb': Snap (SNAP) Stock Crashes Nearly 30% on Forecast Cut, Musk-Twitter Saga to Get a 'Whole Lot More Interesting' Says Analyst

May 24, 2022 5:18 AM EDT

Shares of Snap (NYSE: SNAP) are down almost 30% in pre-market Tuesday after the social media company warned that the deteriorating macroeconomic environment will weigh on its Q2 results.

"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," the company said in a U.S. securities filing.

In April, Snap said... More