Snap says economy deteriorated fast, slashes forecast, stock plummets

FILE PHOTO - Traders gather at the post where Snap Inc. is traded, just before the opening bell on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 11, 2017. REUTERS/Brendan McDermid

(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.