4/24/2019, 3:55 PM (Source: TeleTrader)
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Chart for: Snap Inc

Snap shares drop over 7% after earnings report

Shares of American tech and camera company Snap Inc. tumbled over 7% during early trading on Wall Street on Wednesday.

Yesterday, the Los Angeles-based technology firm stated its revenue for the first quarter of 2019 stood at $320 million, which is 39% more than the same period a year ago. The company also said net loss was at $310 million in the first three months of the year, 20% down from the same period in 2018.

Snapchat maker's shares were down 6.33% at 9:48 am ET. The social media platform outperformed in the previous 30 days, gaining almost 14% in the last month.

Breaking the News / BM