Snap stock hits lowest level since IPO after paltry earnings

Snap stock hits lowest level since IPO after paltry earnings
In this Monday, Aug. 7, 2017, photo, the Snap Inc. logo appears on a screen above a trading post on the floor of the New York Stock Exchange. Snap Inc. reports earnings, Thursday, Aug. 10, 2017. (AP Photo/Richard Drew)

Shares of Snap Inc. are down sharply after the parent company of Snapchat reported paltry earnings .

The stock hit its lowest level Friday since the company went public in March. Adding to the uncertainty, employees will be able to sell their stock on Monday, when a that follows the company's expires. An earlier lockup expired in July, but on Monday, more shares will be eligible for sale.

Snap's shares fell $1.61, or nearly 12 percent, to $12.16 on Friday morning. That's well below the company's $17 IPO price. And it's less than half of the $24.48 that the stock closed at on its first trading day.

Snap CEO Evan Spiegel said Thursday that neither he nor co-founder Bobby Murphy plan to sell any stock.


Explore further

Snapchat parent Snap slides below IPO price

© 2017 The Associated Press. All rights reserved.

Citation: Snap stock hits lowest level since IPO after paltry earnings (2017, August 11) retrieved 21 September 2021 from https://phys.org/news/2017-08-snap-stock-lowest-ipo-paltry.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
1 shares

Feedback to editors