Snapchat stock plummets in following-hours trading
Snap expects weaker growth given the economic downturn. The company’s shares fell nearly 30 percent in following-hours trading.
(dpa) The operating company of the photo app Snapchat expects weaker growth in view of an economic downturn. It is likely that the sales and profit targets will be missed in the current quarter, Snap said in a stock exchange release on Monday (local time). The economic environment has continued to deteriorate since the last forecast in April. The warning was not well received by investors – the stock temporarily fell by almost 30 percent following the trading session. The company has been going downhill for a long time on Wall Street: The share has already fallen by more than 60 percent in the past twelve months.
