Pinterest, Inc. (PINS) saw its shares tumble 5.02% in pre-market trading on Wednesday, as social media stocks face pressure following Snap's decision to shelve its second-quarter forecast. The move by Snap has sparked concerns across the social media sector, leading to a broader sell-off among industry peers.

The pre-market plunge in Pinterest's stock price reflects growing investor unease about the advertising market and its potential impact on social media companies' revenues. Snap's unexpected move to withdraw its Q2 guidance has raised questions about the health of the digital advertising ecosystem, which is a crucial revenue source for platforms like Pinterest.

Other social media companies are also feeling the heat, with Reddit shares down 2.7% in pre-market trading. The widespread nature of the sell-off suggests that investors are reassessing their outlook on the entire social media sector in light of Snap's announcement. As the trading day progresses, market participants will be closely watching for any further developments or statements from other social media companies that might provide more clarity on the state of the industry.