Snap Inc. reported first-quarter sales that fell short of Wall Street's projections after rolling out a redesign of its app, which wasn't well embraced by users and therefore held back advertising growth. With revenues of $230.7m and daily active users reaching 191 million, the company endured a net loss of $385.8 million. To make Snap's problems worse, Facebook announced plans to invest more deeply in the "stories" function, which it copied from Snapchat. On WhatsApp, (owned by Facebook), a similar feature is used 450 million times a day.
Companies mentioned (performance in YTD): SNAP (-26%)