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Benzinga

Business

Adam Eckert

Why Alphabet Stock Is Sliding Today

Alphabet SNAP Nasdaq Alphabet Inc NYSE Snap Inc

Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) shares are trading lower Tuesday after Snap Inc (NYSE:SNAP) said it expects to miss its previously-issued guidance. Snap plunged on the news and is dragging down several other stocks in the broader communications, media and entertainment sector.

"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.

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