Snap Inc (SNAP) plunges: To miss revenue and earnings estimates, slow hiring

Snap’s stock fell 30% in extended trading on Monday after CEO Evan Spiegel told staff in a memo that the business will fail its sales and adjusted profits forecasts for the current quarter.

According to Spiegel, the social media business would also reduce employment until the end of the year in order to save costs. The Securities and Exchange Commission has been provided with a copy of the letter.

“Today we filed an 8-K, sharing that the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month,” Spiegel wrote in the note. “As a result, while our revenue continues to grow year-over-year, it is growing more slowly than we expected at this time.”

SNAP is currently trading just shy of 16$.