$Meta Platforms(FB.US)$ shares are trading lower Tuesday in sympathy with $Snap Inc(SNAP.US)$ 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.
The stock was down 9.59% at $177.42 at press time.