Snap falls after social media firm passes on quarterly forecast on economic uncertainty

Shares of Snap SNAP.N fall 13.5% to $7.86 in extended trading after social media firm says it will not provide Q2 forecast due to economic uncertainty

"Given the uncertainty with respect to how macro-economic conditions may evolve in the months ahead, and how this may impact advertising demand more broadly, we do not intend to share formal financial guidance for Q2" - SNAP

SNAP lowers full-year forecast for adjusted operating expenses to a range of $2.65 billion to $2.70 billion, which implies $50 million reduction at the midpoint, vs prior range of $2.70 billion to $2.75 billion

Reports Q1 revenue of $1.36 billion, vs estimate of $1.35 billion, according to data compiled by LSEG

*Shares of Pinterest PINS.N drop 3.4% to $25.40, Meta Platforms META.O down 0.8% at $550, Reddit RDDT.N falls 3.3% to $118.07 following Snap results

Analysts' average rating for SNAP is "hold"; their median PT is $10.75 - LSEG-compiled data

As of Tuesday's close, SNAP down ~16% YTD