Snap stock crashes after ‘macroeconomic environment’ warning
Snap’s (SNAP) stock is down 40% mid-morning after slashing its second-quarter profit outlook and giving a warning about the macro environment.
Shares of the parent company of social media app Snapchat sank below their IPO price of $17 during its biggest intraday drop on record.
“Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster than anticipated,” Snap wrote in an SEC filing.
“As a result, we believe it is likely that we will report…