Shares in Snap, the owners of social media app Snapchat, fell dramatically after the company reported a $2.2bn loss and slowing growth.
After closing the day at $22.98, Snap's shares tanked 21.5% in overnight trading and continued to fall during trading on the New York Stock Exchange (NYSE) on Thursday, closing at $18.05, a loss in value of nearly $6bn, according to The Guardian. Year-to-date, shares are down 26.3%, previously falling some 12% after its initial public offering (IPO) when analysts said the company was overpriced after they jumped 44% when the firm was first listed. Wednesday was the first time Snap had to report its earnings after its IPO back in March, which valued the company at $28bn. Snap saw...
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