Why Snap Shares Are Plunging After Hours

Snap Inc SNAP shares are falling in Monday's after-hours session after the company filed a Form 8-K with the U.S. Securities and Exchange Commission showing it 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. 

Despite expecting near-term headwinds, Snap noted in the SEC filing that it continues to see significant opportunities to grow average revenue per user over the long term.

See Also: Why Zoom Video Shares Are Surging After Hours

SNAP Price Action: Snap shares are making new 52-week lows on Monday.

The stock was down 30% in after hours at $15.66 at press time, according to data from Benzinga Pro.