Snap Inc. said the U.S. economy deteriorated faster than expected last month and the social media company lowered its quarterly forecasts, leading to heavy after-hours selling.

Since late April, "the macroeconomic environment has deteriorated further and faster than expected. As a result, we believe it is likely that we will report revenue and adjusted earnings before interest, taxes, and depreciation below expectations."

The company said in a U.S. securities filing. Snap shares fell 31 percent, Alphabet 3.6 percent, and Amazon 2.2 percent.

Futures also declined in Nasdaq, where traders blamed Snap.

U.S. stocks closed higher on Monday, led by gains from banks and technology, but the rise comes after the longest series of weekly declines on Wall Street since the dot-com crash more than 20 years ago, and many investors remain on edge.

Snap CEO Evan Spiegel told employees in a memo seen by Reuters that the company would slow hiring this year and listed a wide range of problems.

He wrote: "Like many companies, we are still facing rising inflation and interest rates, supply chain shortages and labor disruptions, platform policy changes, the impact of the war in Ukraine, and more."

Last month, Snap forecast second-quarter revenue growth of 20% to 25% compared to the previous year. This news follows statements from companies including Meta Platforms, owner of Uber and Facebook platforms, earlier this month, saying they would rein in costs and hiring.

In the memo, Spiegel said Snap would assess the rest of this year’s budget and "leaders were asked to review spending to find additional cost savings."

He said some planned hiring would be postponed until next year, although the company still expects to hire more than 500 people by the end of this year.