Even as President Joe Biden mentions plans to potentially ease trade tariffs on Chinese imports, concerns surrounding the economy are persisting. In Spiegel’s words, “Today we filed an 8-K, sharing that the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance last month.” The Snap CEO also adds that while the company’s revenue continues to increase year-over-year, there is some deceleration, nonetheless. This comes at a time when soaring inflation and growing interest rates continue to dampen digital advertising demand.