Snap Inc.'s flagship platform has lost some luster, at least according to one social-media influencer in the Kardashian-Jenner clan.
The Snapchat parent's shares sank as much as 7.2 percent Thursday, wiping out $1.3 billion in market value, on the heels of a tweet from Kylie Jenner, who said she doesn't open the app anymore. Whether it's the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too, have begun to notice, citing recent user engagement trends noticed since the platform's redesign.
Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a "significant jump" in negative reviews of the app's redesign. He expects the reviews could cause user engagement to fall, hurting financial results.
Meanwhile, as the app takes criticism, Chief Executive Evan Spiegel may become one of the highest paid executives in the U.S. After the company's IPO last March, Spiegel got a $636.6 million stock grant that will be payable through 2020.
"Still love you tho snap," Jenner hedged in a later tweet.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
The Snapchat parent's shares sank as much as 7.2 percent Thursday, wiping out $1.3 billion in market value, on the heels of a tweet from Kylie Jenner, who said she doesn't open the app anymore. Whether it's the demands of her newfound motherhood, or the recent app redesign, the testament drew similar replies from her 24.5 million followers. Wall Street analysts too, have begun to notice, citing recent user engagement trends noticed since the platform's redesign.
Citigroup analyst Mark May downgraded the stock to sell from neutral earlier this week after seeing a "significant jump" in negative reviews of the app's redesign. He expects the reviews could cause user engagement to fall, hurting financial results.
"Still love you tho snap," Jenner hedged in a later tweet.
Advertisement
COMMENTS
Advertisement
Kylie Jenner's Latest Khy Swimsuit Launch Ensures A Summer Without End Snapchat Simplifies Location Sharing, Improves Blocking Feature to Protect Younger Users Kylie Jenner Stunned In A Pink Corset Gown And Net Headpiece At Paris Fashion Week Amid Huge Row, Karnataka Pauses Bill For Reservation In Private Sector Firms Travel Influencer Aanvi Kamdar Dies After Falling Off A Waterfall Near Mumbai UP Banker Dies By Suicide After 6 Months Of Bullying, Body-Shaming Major Crackdown Launched On Terror Network In J&K After Doda Encounter UK's New Government Vows To Remove 92 Unelected Peers From Upper House EU's Carbon Tax Could Cost India 0.05% Of GDP: Report Track Latest News Live on NDTV.com and get news updates from India and around the world.