Pinterest Inc PINS shares are trading lower Tuesday morning in sympathy with Snap Inc SNAP 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.
Pinterest and Snap both operate social media platforms. The Pinterest platform acts as a visual discovery engine where people find inspiring creators, shop new products and seek out ideas.
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PINS Price Action: Pinterest shares have traded between $18.32 and $81.77 over a 52-week period.
The stock was down 16.3% at $18.90 at press time, according to data from Benzinga Pro.
Photo: Jason Howie from Flickr.
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