The company hired about 2,000 employees over the last 12 months.Snap on Thursday reported revenue of $1.13 billion for the three months ending in September, a slight 6% increase from the year prior and less than Wall Street had expected, as the company confronts tightening advertiser budgets in an uncertain economy. He still expects Snap to hire 500 new employees before the end of the year, according to the note. Spiegel said Snap will continue to recruit new employees, but will slow its pace of hiring for the rest of the year. Outside social media, shares of advertising companies also fell after hours - Google parent Alphabet was off more than 3%, while The Trade Desk fell more than 8%. Twitter fell almost 4%, while Pinterest slid 12%. Shares of Facebook parent Meta dropped 7% in after-hours trading. The news hit the online advertising market hard, sending many of Snap's peers tumbling after hours. "We believe it is now likely that we will report revenue and adjusted EBITDA below the low end of the guidance range we provided for this quarter," Spiegel wrote in Monday's update. It forecast adjusted earnings before interest, taxes, depreciation and amortization of between $0 and $50 million. At the time, the company said it expected between 20% and 25% year-over-year growth in revenue. In April, Snap reported first-quarter earnings that missed Wall Street expectations for sales and profit. "As a result, while our revenue continues to grow year-over-year, it is growing more slowly than we expected at this time." "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.
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