Why Meta Platforms Shares Are Trading Lower After Hours

Meta Platforms Inc FB shares are falling in Monday's after-hours session after fellow social media company Snap Inc SNAP filed a Form 8-K with the U.S. Securities and Exchange Commission showing the company expects to miss its previously-issued guidance.

"The macroeconomic environment has deteriorated further and faster than anticipated," Snap said in the filing. As a result, the company now expects to report second-quarter revenue and adjusted EBITDA "below the low end" of its guidance range. 

Last month, 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. 

Meta operates social media platforms Facebook and Instagram. 

See Also: Why Zoom Video Shares Are Surging After Hours

FB Price Action: Meta shares have traded between $169 and $384.33 over a 52-week period.

The stock was down 8.50% in after hours at $179.42 at press time, according to data from Benzinga Pro.

Photo: geralt from Pixabay.