By Stephen Nakrosis

Shares of Snap Inc. slid in Monday's after-hours session after the company said it expects revenue and adjusted EBITDA would be below the low end of its second-quarter guidance range.

In a filing with the U.S. Securities and Exchange Commission, Snap said "the macroeconomic environment has deteriorated further and faster than anticipated."

At 5:19 p.m. ET, Snap shares dived 23.45% to $17.20 per share. The stock finished the day's regular session with a 3.4% loss, closing at $22.47 per share. The stock touched a 52-week low of $20.95 on May 12.

Last month, the company said it was expecting second-quarter revenue growth in a range of 20% to 25% year-over-year. The company also said it saw second-quarter adjusted EBITDA between breakeven and $50 million.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

May 23, 2022 17:41 ET (21:41 GMT)

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