Snap Misses Estimates as Facebook Copying Takes Toll
Not even a filter can fix the chart of Snap Inc.’s shares.
The stock fell as much as 18 percent after the maker of the Snapchat mobile application for sending disappearing photos and videos reported disappointing results. Growth, something Wall Street has been closely watching for the social-media company since its March initial public offering, fell short of estimates and fed into fears that competition from the likes of Facebook Inc. is only getting stronger.