Wall Street

Snap says economy deteriorated fast, slashes forecast, stock plummets

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Reuters UK

By Sheila Dang (Reuters) -Snap Inc said the economy had worsened faster than expected in the last month and the social media company slashed its quarterly forecast, triggering an after-hours sell-off. Since late April, “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. Shares of Snap fell 31%, Alphabet dropped 3.6% and Amazon dropped 2.2%. Nasdaq futures also fell, with traders blam…

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