Snap is down 3.94% at $14.18 a share on Wednesday, on track for its lowest level in nearly a month.
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Snap is set to close at its lowest level in nearly a month (SNAP, FB)
Snap's stock is under pressure as it fends off competition from Facebook and Instagram.
The declines come after a report from Recode suggested that Snap's share of new users is declining when compared to Instagram. Snap has had a larger share of new users since January 2016.
Instagram is notorious for stealing Snap's technology, but Snap has been making rapid improvements to its platform recently. The company just announced improved augmented reality filters for its app and recently launched its "Snap Maps" feature.
As Facebook begins promoting its longer-form content in its Watch tab, Snap is focusing on its Shows content which lies in a similar vein. Content producers are bullish on the new format, and viewership numbers for the first shows have been promising.
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Snap is down 16.82% since its initial public offering.
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