Alphabet Inc GOOG GOOGL shares are trading lower Tuesday after Snap Inc SNAP said it expects to miss its previously-issued guidance. Snap plunged on the news and is dragging down several other stocks in the broader communications, media and entertainment sector.
"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.
Investors fear the headwinds impacting Snap may be affecting several other companies with consumer-facing products. Concerns around social media and digital advertising names seem to be particularly elevated.
Alphabet owns and operates a wide range of popular products and platforms including Search, Maps, Ads, Gmail, Android, Chrome, Google Cloud and YouTube.
See Also: Why Apple Shares Are Diving Following Snap's Warning
GOOG Price Action: Alphabet is making new 52-week lows on Tuesday.
The stock was down 5.23% at $2,115.95 at press time, according to data from Benzinga Pro.
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