- Snap shares were trading near 3-month lows on Tuesday.
- Snap beat on both the top and bottom lines in the second quarter, but admitted its daily active users dropped.
- Watch Snap trade in real-time here.
Snap shares were trading at their lowest level since May 31 on Tuesday, touching an intraday low of $US11.19 – just $US0.67 above the record low set on May 17.
Earlier this month, the social-media company reported a loss of $US0.27 a share on revenue of $US262 million in the second quarter. After adjusting for pre-tax gains, the loss per share was $US0.14. Snap also said that its daily active users decreased 2% to 188 million in second quarter, its first-ever decline, comparing to 191 million in previous quarter.
Tuesday’s selling has shares on track to snap their mini two-day winning streak. The social-media company was able to post a gain of 1.5% on Friday – after Bloomberg profiled CEO Evan Spiegel said he was making an effort to be more personable with employees.
“I remember thinking, Why would I go around the company and just chat with people?” he told Bloomberg. “Like that would be so awkward.”
Snap shares were down 24% this year.
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