c-snap-RTS11578-Lucas Jackson

Snap is having a rough week

$16.99

For the first time since Snap went public four months ago, the company’s stock closed the day below its initial price of $17, at $16.99 on Monday (July 10).

Published   |  Photo by Reuters/Lucas Jackson
c-snap-RTS11578-Lucas Jackson
$16.99

Snap’s stock price

c-snap-RTS11578-Lucas Jackson
$16.99

Snap’s market value dropped from about $31 billion in early March to about $20 billion in early July.

c-snap-RTS11578-Lucas Jackson
$16.99

Then, Morgan Stanley downgraded Snap’s stock on July 11, saying user growth was weaker than predicted and competition was tougher.

c-snap-RTS11578-Lucas Jackson
$16.99

Facebook has been copying Snapchat’s features into Messenger, WhatsApp, and Instagram.

c-snap-RTS11578-Lucas Jackson
$16.99

And the strategy is working: Instagram’s Stories feature has about 85 million more users than Snapchat. But Snap is trying to fight back.

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$16.99

Facebook’s revenue

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$16.99

The company is announcing new products, like Snap Map, a feature in the app that locates users and their videos on a map.

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