Snap falls more than 16.7% as a result of tariffs impacting advertising demand, leading to the withdrawal of second quarter revenue guidance.

Snap fell more than 16.7% to $7.57. In terms of news, Snap announced that its first-quarter revenue was $1.36 billion, slightly higher than analysts' average expectation of $1.35 billion; net loss was $140 million, more than half of the loss from the same period last year. The company withdrew its second-quarter revenue guidance, citing economic volatility caused by tariff policies impacting advertising demand. The company also lowered its full-year adjusted operating expenses target from $2.65 billion to $2.7 billion by $50 million.