Snap crashes to a record low after its earnings disaster (SNAP)

pulse

May 2, 2018 2:45 PM

Snap attributed its disappointing first-quarter revenue to the Snapchat redesign and warned that its growth rate will slow in the second quarter.

Snap shares are trading lower by 21% and at a record low Wednesday after a disastrous first-quarter earnings report. The stock hit $10.96 a share early Wednesday, slipping below its previous low of $11.28.

To make matters worse, Snap warned its growth trajectory will slow in the second quarter.

Snap is now down about 24% this year.

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