SNAP CEO Evan Spiegel preannounces a miss of current quarter guidance just a month after previous earnings report

https://www.cnbc.com/2022/05/23/snap-shares-fall-as-ceo-says-company-will-miss-revenue-and-earnings-estimates-plans-to-slow-hiring.html

The CEO cited rapid deterioration in macroeconomic landscape and also announced the company will slow hiring (among a number of companies to do the same recently). Personally, I think SNAP should not be seen as a bellweather for the rest of the ad-revenue companies (FB, PINS, GOOG), but they are all trading down in sympathy after hours.

Snap is currently down 30% after-hours.