Snap shares plummet by 40% down, 'worst day ever' for Snapchat

Snap shares have fallen through the ground, dropping by a hefty 40% and dragging other tech stocks like Apple, Twitter, and Meta (the parent company of Facebook) at the same time.

The huge 40% sea of red for Snap shares means we're looking at $13.42 at the time of writing, down from ~$30 or so back on April 25. Snap's market cap has dropped, down to $21.9 billion. A recent SEC filing seems to have dragged down the share price of Snap, but there are other moving parts.

The SEC filing reads: "Since we issued guidance on April 21, 2022, the macroeconomic environment has deteriorated further and faster than anticipated. As a result, we believe it is likely that we will report revenue and adjusted EBITDA below the low-end of our Q2 2022 guidance range".

"We remain excited about the long-term opportunity to grow our business. Our community continues to grow, and we continue to see strong engagement across Snapchat, and continue to see significant opportunities to grow our average revenue per user over the long term".

Snap Chief Executive Evan Spiegel said: "Like many companies, we continue to face rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more".

In the memo, Spiegal has also said Snap would be looking at the rest of the budget for 2022, and "leaders have been asked to review spending to find additional cost savings".