4/10/2019, 6:03 PM (Source: TeleTrader)
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Chart for: Snap Inc

Snap tumbles on prediction of dwindling user base

Shares of social media company Snap Inc. fell over 5% on Wednesday after eMarketer estimated the number of monthly users of Snapchat in the United States to be 2.8% lower in 2019, at 77.5 million.

The researchers behind the prediction believe Snap is facing tough competition from Instagram, which is owned by Facebook Inc. Last year's redesign of the smartphone app was also cited as one of the factors. However, eMarketer estimated that the number of monthly Snapchat users in the US will be largely stable on an annual basis between 2020 and 2023.

At 11:47 am ET, Snap's stocks dove 5.38% to $11.68, unseen since last Friday. Year-to-date, the company surged 111.62%, while it lost almost 20% in stock value in the last 12 months.

Breaking the News / NI