** Shares of Snap SNAP.N drop 8% to $8.40 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
** 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
** Analysts' average rating for the stock is "hold"; their median PT is $10.75
** SNAP down ~15.6% YTD
(Reporting by Arsheeya Bajwa)
((ArsheeyaSingh.Bajwa@thomsonreuters.com; +91 8510015800;))
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