Snapchat slapped down
SNAPCHAT has lost millions of users after a disastrous redesign that market analysts believe could be “fatal” for the app.
New data reported by Snapchat’s parent company this week revealed its number of daily users had fallen by three million in the three months to June.
It comes after the company’s share price plummeted from a high of $US21.22 in February to its current price of $12.23.
The app has been struggling since it launched an unpopular redesign in December and faced further hits after being publicly blasted by celebrities.
The company’s share value dropped 7.2 per cent in just one day after social media queen Kylie Jenner tweeted in February that she “did not open” the app any more.
It faced further controversy in March after it ran an advertisement from a third-party company that asked users whether they’d rather “Slap Rihanna” or “Punch Chris Brown,” in reference to the 2009 assault when Brown punched Rihanna in the face.
The ad was slammed by multiple celebrities, including Chelsea Clinton and Rihanna herself, who declined to accept an apology from the platform.