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price fell 3.4 percent and was in danger of falling below its initial public offering price, highlighting investors’ loss of confidence in the social media company that faces fierce competition from Facebook. Shares of the owner of Snapchat - a mobile app that allows users to capture video and pictures that self-destruct after a few seconds - traded at $17.30, just above the $17-price in its March initial public offering that was the hottest U.S. technology listing in years. The stock traded as high as $29.44 immediately after its market debut but has since declined.
price was the lowest since the IPO. Snapchat is popular among people under 30 who enjoy applying bunny faces and vomiting rainbows onto their selfies, but many on Wall Street are critical of its high valuation, slowing user growth and lack of profitability. Snap has warned it may never become profitable. Those worries increased after Snap’s first quarterly report in May showed declining revenue expansion, disappointing investors who had hoped the company would surprise them with big numbers cairo, Egypt
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