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)

NEW YORK — Shares of Snap Inc. have fallen 14 percent 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 lockup period that follows the company's initial public offering expires. An earlier lockup expired in July, but on Monday, more shares will be eligible for sale.

Snap's shares fell $1.94 to close Friday at $11.83. 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.

People also read these

Beyond 'Obamacare': State initiatives refocus...

Aug 9, 2016

Political activists are looking to state ballot questions to move beyond "Obamacare" and refocus...

Police: Woman killed by Florida officer in...

Aug 10, 2016

A police "shoot/ don't shoot" demonstration went shockingly awry when an officer shot and killed a...

Father of Orlando shooter sighted at Hillary...

Aug 10, 2016

Father of Orlando gay nightclub shooter spotted at Hillary Clinton campaign event in central Florida

Complexity makes airline computer systems...

Aug 8, 2016

As airline IT get more complex and automated, breakdowns become increasingly common

Sept. 11 memorial motorcycle ride ending on a...

Aug 10, 2016

Leaders of a massive, annual motorcycle procession to the three Sept. 11 crash sites say this...

About Us

The World Insiders brings you exclusive coverage from across the globe in a timely, easy to consume format sourced directly from our regional media partners.

Contact us: sales@theworldinsiders.com

Subscribe Now!