The company hired about 2,000 employees over the last 12 months. He still expects Snap to hire 500 new employees before the end of the year, according to the note. Spiegel said Snap will continue to recruit new employees, but will slow its pace of hiring for the rest of the year. Outside social media, shares of advertising companies also fell after hours - Google parent Alphabet was off more than 3%, while The Trade Desk fell more than 8%. Twitter fell almost 4%, while Pinterest slid 12%. Shares of Facebook parent Meta dropped 7% in after-hours trading. Upgrade to Premium to see how SNAP scored across 33 valuation, financial, forecast, performance, and dividend. The news hit the online advertising market hard, sending many of Snap's peers tumbling after hours. Youve viewed Zen Score for 10/10 free stocks. "We believe it is now likely that we will report revenue and adjusted EBITDA below the low end of the guidance range we provided for this quarter," Spiegel wrote in Monday's update. It forecast adjusted earnings before interest, taxes, depreciation and amortization of between $0 and $50 million. At the time, the company said it expected between 20% and 25% year-over-year growth in revenue. Snap (NYSE: SNAP) was reported by Deutsche Bank on July 21, 2022.The analyst firm set a price target for 25.00 expecting SNAP to rise to within 12 months (a possible. The latest price was 9.94 (25 minute delay). During the day the price has varied from a low of 9.91 to a high of 11.11.
It opened the day at 11.11 after a previous close of 16.35. In April, Snap reported first-quarter earnings that missed Wall Street expectations for sales and profit. Snap Inc (SNAP) is a leading internet content & information business based in the US. "As a result, while our revenue continues to grow year-over-year, it is growing more slowly than we expected at this time." Why Snap Stock Soared, Then Slumped, This Week. "Today we filed an 8-K, sharing that the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month," Spiegel wrote in the note. Snap Stock Crash Is an Opportunity, but Not One You Might Think.