Snap shares plunge 25% on disappointing second-quarter results and plans to slow hiring

$Snap Inc(SNAP.US)$ missed on the top and bottom lines in its second-quarter earnings report.

The company authorized a stock repurchasing program of up to $500 million.
Snap said it plans to “substantially slow our rate of hiring, as well as the rate of operating expense growth.”
Investors will soon get a clearer picture of the online ad environment. $Twitter (Delisted)(TWTR.US)$ is set to report results Friday morning, followed by Alphabet $Alphabet-C(GOOG.US)$ $Alphabet-A(GOOGL.US)$ and $Meta Platforms(META.US)$ next week.
Meta and Pinterest shares fell 5% in after-hours trading on Thursday while Alphabet shares declined 2.9% and Twitter dropped 1.5%.