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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.

  • The company attributed its revenue miss to the Snapchat redesign.
  • It warned that its second-quarter growth rate will decelerate.
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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.

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Snap is now down about 24% this year.

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