how jarring that was when brian cornell was on squawk, and certainly no different today with evan spiegel's comments. >> and wise comments from art cashin about the levels we're watching on the s&p. i believe he said 3815 we're a ways from that, getting back toward the levels, we are under 3,900 where it shows that investors are nervous. let's talk snap, and how its earnings are being felt across tech with julia boorstin, hey, julia. >> hey, john, what a dramatic decline for snap, and the thing that i'm most focused on here is the fact that it's been just about a month since snap gave its guidance for the second quarter, and not only do they guide between 20 and 25% revenue growth in the second quarter and now they're coming in and saying it's going to be below 20%, but i want to go back to the kind of insight that evan spiegel gave to revenue growth at the beginning of the year. at the beginning of the year, he said they were growing revenue 44%. then that slowed down after russia's invasion of ukraine, and all the market volatility there, and then they gave this lower guidance for the sec

i have obtained a memo written by evan spiegel to snap's staff. it just went out moments ago as he's speaking right now at this jpmorgan conference. he's striking a little more optimistic note talking about the opportunities for the company in the long term he writes, quote, we believe that the progress we've made growing our revenue combined with the strength of our balance sheet has positioned us well for the current environment, saying that 2022 remains a significant investment year for snap, despite the ongoing volatility he says that they will slow their pace of hiring they do expect to hire more than 500 new team members between now and the end of the year. that's 10% head count growth and that's in addition to the 900 job offers that have already been accepted this year. so still hiring but at a slower pace he also said they will be evaluating it remainder of 2022 budgets to find cost savings so really notable to hear that kind of caution. though certainly a more optimistic tone that we got in that ak filing with shares down 20%, melissa we

it's the same school where snapchat ceo evan spiegel took summer classes while still in high school.de him feel at home. >>> and the only thing better than a game seven in sports is when it goes into overtime. the new york rangers pulled off a dramatic victory over the pittsburgh penguins on the ice last night. >> now goes in -- he shoots -- he scores! he scores! [ cheers ] >> the rangers scored on a power play goal to win 4-3. they will now play the carolina hurricanes in the second round of the stanley cup playoffs. >>> coming up on "cbs mornings," what the government is doing to get baby formula back on the shelves. we're going to speak with fda commissioner dr. robert califf. . ♪ ♪ohh so subtly sweet♪ ♪pour lower sugar for me♪ ♪all new from pure leaf♪ ♪pour lower sugar for me♪ ♪ it's the most wonderful time of the year ♪ ♪all new from pure leaf♪ it's spring! claritin provides non-drowsy symptom relief from over 200 indoor and outdoor allergens, day after day. feel the clarity— and make today the most wonderful time of the year. live claritin clear. for your most brilliant smile,

you heard -- i think you saw in the memo that evan spiegel outlined slowing down spending, looking to be more thoughtful on it, you have to do that, right so the problem that you have is to your point the cost structure is based on forward growth that's not achievable right now. there's not much they can do they can't cut their way to profitability. so to me it really lengthens the timeline to be rewarded by owning snap. you have to wait now through whatever cycle we're going to see to get to the other side the selling is probably overdone, but i get the mood of the market i understand what's going on and now you have to prove there's growth here and wait two, three, four quarters from here to see what happens >> yeah. and just quickly, you covered the traditional media companies as well. anything to cause you to rethink the general ad trends there? >> we've been channel checking and hearing about -- we had a conference last week and all the companies presented, said april. but what we were worried about is a slowdown in june. so no one wanted to go ahead to june so hour challenge che

consisting of nearly 300 students received a donation from snapchat to co founder evan spiegel and his miranda kerr. it was the largest gift ever in that school's history while he was in high school spiegel took summer classes at otis college in 2015 snap chat made him the world's youngest billionaire and now he's giving back. >> still ahead, countdowns on kron four's kylen mills breaks down how the 4 years planned it take down the dallas mavericks in game one of the western conference finals starting tomorrow and the double be able to count on couple key veterans sundry get dolla. otto porter junior. are they still injured? we'll have i'm mark and i live in vero beach, florida. my wife and i have three children. ruthann and i like to hike. we eat healthy. we exercise. i noticed i wasn't as sharp as i used to be. my wife introduced me to prevagen and so i said "yeah, i'll try it out." i noticed that i felt sharper, i felt like i was able to respond to things quicker. and i thought, yeah, it works for me. prevagen. healthier brain. better life. >> and just over 24 hours from now, the wa

. >>> coming up first on "cbs mornings," evan spiegel of the social media company snapp talks about hisd reality. >>> in "kindness 101," steve hartman has the story of a young man working on inclusion in the school lunchroom. >>> and actor chris o'donnell stops by the studio to talk about a milestone for "ncis los angeles" and the new reality dance competition "come dance with me." >>> that's the "cbs mornings" for this monday. i'm anne-marie green. have a great day. ♪ monday. i'm anne-marie green. have a great day. ♪ live from the cbs bay area studios,

. >>> in today's quick hits, snapchat co-founder evan spiegel and his wife have announced they will pay off the college debt for 285 graduates of otis college of arts and design in l.a. the donation is the largest in the school's history >>> businessman and philanthropist robert f. smith is gifting $15 million for underrepresented students at cornell university's college of engineering. the gift will establish both grad and undergrad scholarships both in smith's name >>> and ayesha cole has gifted llcs to the entire class of 2022 she said the bill for the llcs was over $400,000. eople saw 90% clearer skin at 16 weeks. jority of people saw 90% clearer skin even at 5 years. serious allergic reactions may occur. tremfya® may increase your risk of infections and lower your ability to fight them. tell your doctor if you have an infection or symptoms or if you had a vaccine or plan to. emerge tremfyant®. with tremfya®. ask your doctor about tremfya® today. for your most brilliant smile, crest has you covered. “nice smile, brad.” “nice!” “thanks?” crest 3d white. 100% more stain removal. crest

with that and more good morning >> shares of snap sinking 25% ahead of the open after the ceo evan spiegel says they will miss the target for revenue and adjusted earnings in the quarter. he said snap will slow hiring through the end of the year as it looks to manage expenses. snap issued the last outlook less than five weeks ago which is at the low end of the expected range >>> the s.e.c. is set to crackdown on misleading and overexaggerated claims for products the rules are expected to require information about how esg funds are marketed and esg incorporated into investing and how the funds go at company meetings the industry has boomd to $3 trillion in recentyears. >>> and spacex president and ceo is defending elon musk amid the report on sexual harassment claims in the email to pemployees, she personally believes the allegations to be false. not because i work for elon, but because i worked closely with him for 20 years and never seen anything resembling the allegations. musk denies the allegations of him propositioning a flight attendant on one of his lights in 2016. brian. >> silvana

just reported earnings four weeks ago, and there's a big question as to what has changed to cause evan spiegelt out this morning to investors, to let them know that yes, ad spending user growth may be softer than month ago thought a month ago. -- may be softer than what people thought a month ago. i will bet shares down about 4% on the premarket. amazon lower, roku lower as well. then you have some of the pure play advertising companies out there. trade desk chairs down 7.5%. i'm the economy -- on the con moving lower here. it really goes to the heart of what is going on with the consumer right now and whether that resiliency is going to be as resilient has some investors had priced in. it is not all gloom and doom out there. we did get earnings out of best buy. they were actually pretty good. there were a lot of categories with best buy that were negative in terms of year-over-year growth, but appliance sales were still strong, and some of the appliance sales when it comes to computers were also strong. those shares up 5.5%. in we have zoom, one of the pandemic darlings that had fallen out of

thanks to a donation from snapchat co-founder evan spiegel and his wife miranda kerr. it was the largest gift ever in school history while he was in high school spiegel took summer classes at otis college in 2015, snapchat made him the world's youngest billionaire. and now he's giving back. all right to some sports news now. the dubs found out on sunday night will be facing off with the dallas mavericks in the western conference finals. and on monday they were in the lab preparing the warriors lost 3 out of 4 games to the maps during the regular season. but playoffs, of course, are different. beast mabs were not expected to get this far, but now that they've arrived, steve kerr knows the game plans will have to be airtight. >> i think this series more than the first 2 series for us. we're going to have to do to adapt and adjust as we go. so will, you know, will go into game one with a game plan. but i think we need a lot of contingencies depending on how how things are are unfolding. we're hungry enough know. and we have been on the radar for the last 2 years in terms

ability to, you know, deal with inflation that has dramatically impacted that business, or when evan spiegelf snap a month ago not even a month when they report earnings, talking revenue to grow between 20 to 25% year over year now it is 15% or less. that's pretty amazing. >> oh. absolutely this is really hard. we take one step forward like yesterday and two steps back today. and that's been the market all year long. there are a lot of cross currents going on. and there's more and more recession talk which i think is premature. we learned a lot about what happened in april in this economy. we had a change in consumer behavior they were not buying as many goods. they were doing more in terms of services, see if that lasts, and inflation and interest rates took a toll on them. that's on the consumer side. none of that is that surprising, but the speed of which it happened was staggering. walmart and target are great, great operators. for them to be caught off guard like that was amazing. but if you contrast to what jamie dimon had to say yesterday or brian moynihan, they talked about an econom

evan spiegel, ceo of snapchat and his wife made a donation to the otis college of art and design. it will pay off all debts for the class of 2022 the speaker, two classes at otis college while he was in high school. the score didn't say the exact amount of that donation but said it was the biggest gift in the history of the school. it topped the old record donation of $10 million the first all black group of climbers has reached the top of mount everest , the world's highest peak. the team's leader says he hopes the team's success will inspire more black people in particular to take up the sport of climbing. congratulations bravo! bravo alright, time is 7 17. we're not going to climb. we'll just drive along. hopefully that will be okay. sounds watching our morning commute. did you know it's very expensive to take up that support, though. of course it is. yeah, but it's from people who have done it. they say absolutely worth it anyway. um, i want to start in the south bay guys because guys and gals. because of this problem on one oh, one right near moffett field and see those two a

in a note to employees, ceo evan spiegel said the macro environment has deteriorated further and fasterpated from when the company issued its quarterly guidance. last month. area based real estate company is one of three in the industry to debut on the fortune 500 list. open door is headquartered in san francisco. the app insist homeowners and selling their property without a real estate agent. zillow also made its debut on the list, along with real estate company compass. fortune releases its annual list of the 500 largest corporations in the united states, based on revenue from the 2021 fiscal year. california doubling down on protecting abortion rights up and down the state. the bill passed in the state assembly just tonight, plus we wanted to be sure that involves a city employee. we're on it renewed promise from san jose city leaders the policies they want to see after learning they received prior complaints about public employees later accused of criminal misconduct. the warriors are on the verge of returning to the nba finals. coming up later in sports, we'll hear from the team a

. >> evan spiegel. the stock down again >> i missed the old days.hen became a statesman. >> yeah. >> it's still a very popular platform >> but not for advertisers >> speaking of media, we have not mentioned "top gun mav crick. good news for paramount, amc imax over half of the moviegoers were over 35. >> they remember the original which i like look, i think that people are doing things, going out, going out to dinner. the market is reflecting one thing only, which is oil which is therefore driving interest rates up which i think is a mistake. i think that, again, i think that we are in position to buy drug stocks because the president is not going to be able to get them -- medicare negotiated every stock that's down should be bought today. buy them now. >> you took it from maverick to drug stocks in one sentence. it's amazing. >> i'm trying to cover a lot of things. >> you sure are. >> unilever up 3. >> you can see there, no reaction from paramount. the stock is an outlier -- >> amc. >> disney is down 30% still, fox down 5%. warner brothers discover

evan spiegel, the ceo of snapchat, and his wife made a donation to the otis college of art and designwill pay off all the debt for the class of 2022. spiegel two classes at otis college. while he was still in high school. the school didn't disclose the exact amount of that donation, but said it was the largest gift in the history of the school, topping the previous record donation of $10 million. well steph curry is officially a college graduate member of the class of 2022. he wasn't able to attend yesterday's commencement ceremonies in north carolina as he prepares for the western conference finals game one on wednesday. in a statement, the college said curry worked with two members of the davidson faculty. wanted stanford, another from uc santa cruz to complete his degree, the warriors tweeted their congratulations, saying 13 years after entering the nba. stefan currie is a college grad. seven completed his final semester, of course, worked this spring and will receive a bachelor of arts degree with a major in sociology from davidson college. congrats to the class of 2022 tom is for

ceo evan spiegel warning employees of misses on earnings per share and revenue for the current quartermessaging app slowing hiring throughout in an effort to manage expenses. the company's revenue growing but slower than expected. snap filing an 8-k yesterday, spiegel saying, quote, the macro environment has deteriorated further and faster than we anticipated when we issued our quarterly guidance just last month. futures are pointing lower this morning, following yesterday's rally. the dow was up on monday nearly 2% with the s&p and nasdaq both gaining more than 1 and-a-half percent. the s&p moving away from bear market territory which it hit during the trading day on friday. joining me now bright star capital ceo, andrew weinberg. joining the conversation all morning long, former assistant secretary of the treasury, the monica crowley podcast host, monica crowley andwall. hillary: wall street journalwat journal editorial page editor, james freeman. it's nice to be doing this today, sitting right next to me. >> yes. comforting. dagen: noogie. former federal reserve chief ben bernanke s