Snap sinks to record low as it struggles to rebound from its disastrous redesign (SNAP)

Markets Insider

• Shares of Snap sank more than 4% Tuesday, briefly matching their all-time low price of $10.51, set on May 3.
• The company, which owns Snapchat, has now lost more than 57% of its value since going public in 2017.
• The stock began to slide after Snap’s earnings disaster on May 2 in which the Venice, California-based company reported a loss of $0.17 per share, which was largely expected, on revenues that came in $14 million less than estimates.
• Snap attributed much of the revenue decline to seasonality and a redesign earlier this year that left many users unhappy. The company recently began rolling back the changes.
• Follow Snap’s stock price in real-time here.