Aw Snap: Snapchat parent company’s value plummets after earnings report

Snap Inc’s shares lose nearly a quarter of their value on news of $2.2bn loss and slowing growth in first quarter report, its first since its IPO in March

Snapchat’s parent company Snap Inc lost nearly a quarter of its value on Wednesday when its newly listed shares went into a nosedive after the company reported a $2.2bn loss and slowing growth.

Snap’s shares closed the day at $22.98 and fell close to 25% in after hours trading.

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