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Snapchat launches redesign as growth disappoints Wall Street

WorldNews Wednesday, 8 November 2017 ()
Snapchat launches redesign as growth disappoints Wall StreetBy David Ingram and Pushkala Aripaka (Reuters) - Snap Inc (SNAP.N) is redesigning its disappearing-message app Snapchat in an attempt to reach a broader audience, going back to the drawing board after being clobbered by Wall Street for another quarter of slowing user growth. The Venice, California-based firm, which had the hottest debut of any tech stock in years in March, reported revenue and user growth for the third quarter well below Wall Street expectations as it struggles to compete with Facebook Inc's (FB.O) Instagram. The disappointing financials and announcement of the redesign sent shares down as much as 20 percent in after-hours trading. They rebounded partially to $12.57, still...
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