Snap Stock News and Forecast: SNAP craters 31% after announcing revenue slowdown

CEO Evan Spiegel says inflation, rising interests are biting into business.suddenly gave way to gloom from video-sharing platformannouncing ahead of time that it would not meet earlier guidance for 20-25% revenue growth in the second quarter. Snap stock caved 31% to $15.51 afterhours and is down a similar amount in Tuesday's premarket.headquarters in sunny Santa Monica is that the macroeconomy is making firms less excited about ad spending.

Falling to $10 would require a further 1/3 sell-off, which may seem unlikely. After all, the Relative Strength Index is already supplying a reading of 21, meaning extremely oversold. Most prognosticators are calling for the. In the event any individual session hosts a severe sell-off, $10 may be in reach. SNAP is not neutral until it closes above $22. It is not out of the woods either until it surmounts $24.70, which at current prices in the $15s seems a long way off.

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