Snap stock fell more than 30%, after the company reported missing quarterly estimates because the economy has “deteriorated further and faster than anticipated.”

The company estimated in April it expected 20% and 25% year-on-year second-quarter revenue grwoth and EBITDA between breakeven and $50 million.

“It is likely that we will report revenue and adjusted EBITDA below the low end of our Q2 2022 guidance range,” the company said in the filing.

The Wall Street Journal has reported that employees are ebing told the company is going to attempt to cut costs and reduce hiring to address the shortfalls.

Shares of other tech companies dependent on advertising fell on the news. Meta Platforms Inc. FB, +1.39% was down nearly 9% in the late session, Pinterest Inc. PINS, -1.40%  fell 16%, and Twitter Inc. TWTR, -1.12% was down nearly 4%.

So far this year, Snap has lost 52%, while the S&P has only lost about 17%.