
Roku Inc (NASDAQ:ROKU) shares are trading lower Tuesday after Snap Inc (NYSE:SNAP) said it expects to miss its previously-issued guidance. Snap shares plunged on the release and are dragging down several other social media and digital advertising stocks with it.
"The macroeconomic environment has deteriorated further and faster than anticipated," Snap said in a Form 8-K filing. As a result, the company now expects to report second-quarter revenue and adjusted EBITDA "below the low end" of its guidance range.