News 11 august — 16:49

Snap shares plunge 14% as losses mount


Snap shares plunged 14% on Thursday after the social media firm reported more than $400m (£310m) in quarterly losses and fewer than expected users, BBC reports.

The share price fall extended a decline that started almost immediately after Snapchat started trading on the stock market this spring.

The firm reported 173 million daily users, up 4% on the prior quarter.

But the company is struggling with fierce competition from Facebook, which offers similar features.

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