Meta Platforms Inc (NYSE: FB) shares are trading lower Tuesday in sympathy with Snap Inc (NYSE: SNAP) after the company issued guidance below the low end of its previously-issued forecast.
During its most recent earnings report, Snap guided for second-quarter revenue growth of 20% to 25% year-over-year. The company said it expected adjusted EBITDA to be between breakeven and $50 million.
“The macroeconomic environment has deteriorated further and faster than anticipated,” Snap said Monday in a Form 8-K filing. As a result, the company now expects to report second-quarter revenue and adjusted EBITDA “below the low end” of its guidance range.
Meta operates social media platforms Facebook and Instagram. The company builds technologies that help people connect, find communities and grow businesses.
See Also: Morning Brief: Top Financial Stories Dominating on Tuesday, May 24
FB Price Action: Pinterest shares have traded between $1169 and $384.33 over a 52-week period.
The stock was down 8.11% at $180.12 at press time, according to data from Benzinga Pro.
Photo: Stock Catalog from Flickr.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.