Snap Stumbles Through Another Disappointing Quarter
Mr. Spiegel said during a call with analysts that neither he nor Mr. Murphy would sell their stock this year.
“We’ve been working closely with our advertisers to improve our offerings
and become a more integral part of their strategy,” said Imran Khan, the chief strategy officer at Snap.
Snap and the online meal kit company Blue Apron, which lowered its offering price when it went public in June
and is dealing with a declining stock, are casting a pall over other potential initial public offerings.
SAN FRANCISCO — Ever since Snap, the maker of the messaging app Snapchat, went public in March,
the company has become a closely watched barometer for Silicon Valley and Wall Street.
But investor doubts began to set in as Snap’s user growth continued to slow, especially as rivals like Instagram began copying innovative features
that once set Snapchat apart, including augmented reality images and disappearing content.
Snap will soon face a make-or-break year, said Norm Johnston, the chief strategy officer at Mindshare, a global media agency.