- The company attributed its revenue miss to the Snapchat redesign.
- It warned that its second-quarter growth rate will decelerate.
ADVERTISEMENT
Snap crashes to a record low after its earnings disaster (SNAP)
Snap attributed its disappointing first-quarter revenue to the Snapchat redesign and warned that its growth rate will slow in the second quarter.
ADVERTISEMENT
Snap shares are trading lower by 20% and at a record low Wednesday after a disastrous first-quarter earnings report. The stock hit $11.22 a share early Tuesday, slipping below its previous low of $11.28.
To make matters worse, Snap warned its growth trajectory will slow in the second quarter.
ADVERTISEMENT
"
Snap is now down about 24% this year.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Top 10 African countries with the lowest fuel prices in April 2024
How SafeHamsters unlocks the potential of crypto betting| Insider Tips
A look into the diverse tax reforms being implemented across Africa
Dubai firm to lend South Sudan $12.9 billion in exchange for 20 years oil repayment
China dethrones USA as the most influential global power in Africa: Report
Major African economies expecting inflation ease into next year, except Nigeria
10 African countries with the lowest price changes in household commodities
Dangote refinery outranks Europe's 10 largest refining facilities