Snapchat’s stock sinks to low after its revamp

SHARES in the owner of photo messaging app Snapchat are at all-time lows after a controversial redesign hit user numbers.

Snap last night lost almost a quarter of its value as shares sunk 22.1pc to $11.01, well below its initial public offering price of $17 last year.

A high of $27 was reached at one stage but ever since it has struggled to impress investors with its user numbers as it faces increasing competition from Facebook-owned Instagram.

Its troubles worsened on Tuesday when first-quarter numbers showed it losing confidence among users and advertisers due to a widely criticised redesign of the Snapchat app.

Users say the changes are unnecessary and make the app harder to use, with one online petition calling for a reversal garnering more than 1.2m signatures.

The results release knocked another £3bn off the value of the company, now down a total of £17bn from its highest point after the stock market launch last March.

Snap boss Evan Spiegel, 27, said: ‘The redesign created a lot of new opportunities. We look forward to continuing efforts to refine and improve Snapchat.’