- The company attributed its revenue miss to the Snapchat redesign.
- It warned that its second-quarter growth rate will decelerate.
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Snap crashes to a record low after its earnings disaster (SNAP)
Snap attributed its disappointing first-quarter revenue to the Snapchat redesign and warned that its growth rate will slow in the second quarter.
Snap shares are trading lower by 21% and at a record low Wednesday after a disastrous first-quarter earnings report. The stock hit $10.96 a share early Wednesday, slipping below its previous low of $11.28.
To make matters worse, Snap warned its growth trajectory will slow in the second quarter.
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Snap is now down about 24% this year.
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