Snap shares slump 30% as CEO says company will miss targets

• The company will also slow hiring through the end of the year

Snap Inc (NYSE: SNAP) shares fell 30% in extended trading on Monday after CEO Evan Spiegel said the company will miss revenue and earnings target in the current quarter.

The company had expected revenue growth between 20% and 25% and adjusted earnings of between $0 and $50 million.

“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,” said Spiegel.