Roku Inc ROKU shares are trading lower Tuesday after Snap Inc SNAP said it expects to miss its previously-issued guidance. Snap shares plunged on the release and are dragging down several other social media and digital advertising stocks with it.
"The macroeconomic environment has deteriorated further and faster than anticipated," Snap said 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.
Roku connects users to streaming content, enables content publishers to build and monetize large audiences and provides advertisers with unique capabilities to engage consumers.
Investors fear the headwinds impacting Snap may be affecting several other companies with consumer-facing products.
See Also: Why Roblox Shares Are Falling Today
ROKU Price Action: Roku shares have traded between $75.03 and $490.76 over a 52-week period.
The stock was down 14.9% at press time, according to data from Benzinga Pro.
Photo: courtesy of Roku.
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