Snap shares plunged 30% in extended trading on Monday after CEO Evan Spiegel warned in a note to employees that the company will miss its own targets for revenue and adjusted earnings in the current quarter.
The social media company will also slow hiring through the end of the year as it looks to manage expenses, Spiegel wrote. Part of the letter was filed with the Securities and Exchange Commission.
“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…