- Snap shares are trading under $US10 for the first time.
- Tech stocks have been under pressure after Facebook and Twitter executives testified before the Senate Intelligence Committee on Wednesday.
- Snap introduced newSpectacles camera glasses on Wednesday.
- Watch Snap trade in real-time here.
Snap shares slid for a seventh straight session on Thursday, hitting a record low of less than $US10 apiece.
Thursday’s selling comes as tech names have been under pressure after Facebook and Twitter executives testified on Wednesday before the Senate Intelligence Committee about their company’s response to Russian interference during the 2016 presidential election.
Twitter CEO Jack Dorsey is scheduled to appear before the House Energy and Commerce Committee on Thursday.
Snap shares have been under pressure since the social-media company released its second-quarter earnings last month. The company beat sales and profits estimates but admitted its number of daily active users fell 2% from the first quarter to 188 million. Wall Street analysts were expecting that number to increase to 193 million.
Social media peers such as Facebook and Twitter are also suffering from user bases drop as debate escalates over censorship and the spread of misinformation.
Shares of Snap are down 34% since this year.
- Google’s former China boss says the search company won’t stand a chance against today’s Chinese ‘gladiator’ entrepreneurs
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