[ad_1]
Getty Images
Snapchat co-founders Bobby Murphy (l) and Evan Spiegel (c) ring the opening bell on March 2, 2017, as NYSE President Thomas Farley looks on.
Snap shares in the face of an executive board member Evan Spiegel said in a memorandum to employees that he wants the company to turn profitable in 2019 and issued a slew of new strategic goals.
Snap is trying out new designs for its Discover section, which showcases professional companies and celebrity accounts. He also explained challenges of the competitors and of growth.
The stock sank 5.2 percent Thursday after Evercore ISI said growing competition from Facebook's Instagram is "irreversibly reducing Snap's opportunity to deliver on long-term investor expectations."
The stock hit a new all-time low following the Evercore note and fell to $ 7.56 per share shortly before 1 p.m. and Thursday.
Source link
