Snap stock hits lowest level since IPO after paltry earnings
Posted August 11, 2017 7:00 am
NEW YORK (AP) - 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.
Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked.
If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.