US Snap, Downward Revision of Earnings forecast [Economy worsens]

US Snap, which operates the photo / video sharing application “Snapchat”, has revised its quarterly forecast downward, saying that the economy is worse than it was a month ago. The company’s stock price plummeted 31% in after- hours trading.

In the securities report, “(Since late April) the macroeconomic environment is deteriorating at a faster pace than expected. Therefore, sales and adjusted interest payments, taxes and profit before amortization (EBITDA) are our second. the lower limit of the quarterly guidance range. “

Evan Spiegel, CEO, said in a statement to employees that the pace of recruitment will slow this year: “Like many companies, inflation continues, rising interest rates, supply constraints and the labor market. We are facing turmoil, platform policy changes, the Ukrainian war, etc. “

Some of the planned employment will be postponed to next year, but it is still planned to hire more than 500 people by the end of the year.

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