Pinterest Inc PINS shares are falling in Monday's after-hours session after 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.
Pinterest and Snap both operate social media platforms. Pinterest offers a visual discovery engine where people find inspiring creators, shop new products and seek out ideas to take offline.
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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 15.89% in after hours at $19 at press time, according to data from Benzinga Pro.
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