Shares in Snap, the parent company of social media site Snapchat, fell by 15% after the company reported a 2.13% growth rate to 191 million daily active users in Q1 2018, the firm's slowest ever, alongside earnings of $230.7m, less than Wall Street's prediction of $244.5m. In addition, Snap, which is struggling to compete with Facebook-owned rivals Instagram and WhatsApp, revealed losses of $385.7m, up from Q4 2017's figure of $350m. Snap shares have fallen more than 20% since its IPO, but are still trading at $38 per share, down from their peak price of $57.50 on May 18, 2017.
Shares in Snap, the parent company of social media site Snapchat, fell by 15% after the company reported a 2.13% growth rate to 191 million daily active users in Q1 2018, the firm's slowest ever, alongside earnings of $230.7m, less than Wall Street's prediction of $244.5m. In addition, Snap, which is struggling to compete with Facebook-owned rivals Instagram and WhatsApp, revealed losses of $385.7m, up from Q4 2017's figure of $350m. In addition, average revenues per user sank to $2.10 in the US and Canada, down from $2.75 in Q4.