Snap stock hits lowest level since IPO after paltry earnings

In this Monday, Aug. 7, 2017, photo, the Snap Inc. logo appears on a screen above a trading post on the floor of the New York Stock Exchange. Snap Inc. reports earnings, Thursday, Aug. 10, 2017. (AP Photo/Richard Drew)

NEW YORK — Shares of Snap Inc. have fallen 14 percent after the parent company of Snapchat reported paltry earnings .

The stock hit its lowest level Friday since the company went public in March. Adding to the uncertainty, employees will be able to sell their stock on Monday, when a lockup period that follows the company's initial public offering expires. An earlier lockup expired in July, but on Monday, more shares will be eligible for sale.

Snap's shares fell $1.94 to close Friday at $11.83. That's well below the company's $17 IPO price. And it's less than half of the $24.48 that the stock closed at on its first trading day.

Snap CEO Evan Spiegel said Thursday that neither he nor co-founder Bobby Murphy plan to sell any stock.

Must Read

French shares outperform as polls show narrow Macron lead

Apr 20, 2017

France's main stock market outperformed its counterparts in Europe on Thursday as traders priced in a growing likelihood of a victory by centrist Emmanuel Macron in the upcoming presidential election

Ferrari profits rise as deliveries continue to grow

Aug 2, 2017

Sports carmaker Ferrari saw a 39 percent rise in second quarter profits as deliveries continued to grow

Bank of England revises up UK growth forecasts

Feb 2, 2017

The Bank of England revised up its economic growth forecasts for the British economy for the coming three years

People also read these

French shares outperform as polls show narrow Macron lead

Apr 20, 2017

France's main stock market outperformed its counterparts in Europe on Thursday as traders priced in a growing likelihood of a victory by centrist Emmanuel Macron in the upcoming presidential election

Ferrari profits rise as deliveries continue to grow

Aug 2, 2017

Sports carmaker Ferrari saw a 39 percent rise in second quarter profits as deliveries continued to grow

Bank of England revises up UK growth forecasts

Feb 2, 2017

The Bank of England revised up its economic growth forecasts for the British economy for the coming three years