Snap is trading at a 3-month low

Co-Founder and CEO of Snap Inc. Evan Spiegel and President and CEO of the Aspen Institute Walter Isaacson speak onstage during Vanity Fair New Establishment Summit at Wallis Annenberg Center for the Performing Arts on October 3, 2017 in Beverly Hills, California.

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Co-Founder and CEO of Snap Inc. Evan Spiegel and President and CEO of the Aspen Institute Walter Isaacson speak onstage during Vanity Fair New Establishment Summit at Wallis Annenberg Center for the Performing Arts on October 3, 2017 in Beverly Hills, California.
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Matt Winkelmeyer/Getty Images

  • Snap shares were trading near 3-month lows on Tuesday.
  • Snap beat on both the top and bottom lines in the second quarter, but admitted its daily active users dropped.
  • Watch Snap trade in real-time here.

Snap shares were trading at their lowest level since May 31 on Tuesday, touching an intraday low of $11.19 – just $0.67 above the record low set on May 17.

Earlier this month, the social-media company reported a loss of $0.27 a share on revenue of $262 million in the second quarter. After adjusting for pre-tax gains, the loss per share was $0.14. Snap also said that its daily active users decreased 2% to 188 million in second quarter, its first-ever decline, comparing to 191 million in previous quarter.

Tuesday’s selling has shares on track to snap their mini two-day winning streak. The social-media company was able to post a gain of 1.5% on Friday – after Bloomberg profiled CEO Evan Spiegel said he was making an effort to be more personable with employees.

“I remember thinking, Why would I go around the company and just chat with people?” he told Bloomberg. “Like that would be so awkward.”

Snap shares were down 24% this year.

SNAP

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Ethel Jiang/Business Insider