A slew of internet stocks were sharply lower premarket Tuesday, caught up in the wave of selling sparked by Snap Inc.'s /zigman2/quotes/205087158/composite SNAP -0.70% warning late Monday that second-quarter earnings would lag estimates. Snap CEO Evan Spiegel issued the warning at a JP Morgan technology conference, and the company filed it with the SEC. Spiegel said that the economy has "definitely deteriorated further and faster" than Snap SNAP, -3.40% had expected when it gave its forecast during its earnings call last month. He added that the Snapchat parent is slowing its hiring pace for the year and looking for ways to cut costs. Snap shares fell 30%, Meta Platforms Inc. was down 7%, Alphabet Inc. /zigman2/quotes/202490156/composite GOOGL +1.16% was down 3.5%, Pinterest Inc. /zigman2/quotes/211319641/composite PINS -2.47% was down 13%, Twitter Inc. /zigman2/quotes/203180645/composite TWTR -0.44% was down 3.6% and Amazon.com Inc. /zigman2/quotes/210331248/composite AMZN +0.73% was down 2%. Netflix Inc. /zigman2/quotes/202353025/composite NFLX -0.98% fell 1.6%.