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Social media stocks drop $135 billion following Snap profit warning

05/26/202205/25/2022 L. Green

The platform’s shares tanked by 43 percent following the announcement it made. Snap Inc. recently issued a profit warning, causing social media stocks to lose over $135 billion in market value. The sector is already struggling with halted user growth and worries over rate hikes. Following the announcement, Snap’s own shares fell by the largest intraday decline it ever experienced. In fact, the 43 percent dive the Snap share took brought it below its $17 initial public offering price from 2017. That selloff eliminated nearly $16 billion of the company’s…

AR Experiences are on their way to local landmarks via Snap

03/17/202203/16/2022 Julie Campbell

The social media giant has made a new move in letting users experience the augmented reality world. Snap has announced that it is making a new move into the world of augmented reality with AR experiences that will let local landmarks be converted into something entirely new. Creators will be able to use the feature to transform local landmarks into something different in the digital sphere. Yesterday, Snap unveiled its new software tool called Custom Landmarkers, which makes it possible for users to construct 3D models out of physical locations.…

The Snapchat app is getting ready for a redesign as the company scrambles to stay relevant

11/09/201711/08/2017 John Montgallo

The application’s parent company, Snap, has seen striking losses, including $40 million gone to the Spectacles. The Snapchat app remains a very popular app among smartphone users, but its stock has dropped to a record low amid stiff photo sharing application competition. Instagram Stories has been carving its own place in the “disappearing photos” domain. That said, its progress has been to the detriment of Snapchat. The brand’s Spectacles, a type of wearable technology glasses meant to take pics for the app, were a flop. Struggles the Snapchat app was…