Snap sinks more than 12% after withholding guidance, citing ad concerns

Evan Spiegel, CEO of Snap Inc., speaks onstage during the Snap Partner Summit 2023 at Barker Hangar on April 19, 2023 in Santa Monica, California. Snap shares fell more than 12% Wednesday after the social media company withheld second-quarter guidance due to the uncertain macroeconomic environment. "While our topline revenue has continued to grow, we have experienced headwinds to start the current quarter, and we believe it is prudent to continue to balance our level of investment with realized revenue growth," the company said Tuesday, adding that macro conditions could impact advertising demand. Snap's finance chief Derek Andersen said during an earnings call that some advertisers are already seeing an impact from changes to the de minimis exemption. The loophole, which ends Friday, currently allows shipments under $800 to enter the U.S. duty-free. President Donald Trump's shifting tariff plans have created an unsettling backdrop for companies this earnings season. Fears of a wea ... Read full article.