Snap is mired in its longest losing streak in months
The stock is trading at $13.23, its lowest level since August 17. Snap shares have tumbled 20.17% during the slide.
Snap is currently facing heavy scrutiny on its ad platform, which is its major source of revenue. The company is struggling to convince advertisers to use its platform, especially when its main competition is advertising juggernaut Facebook.
The entire ad industry is currently in a bit of a lull. Innovation in the ad space has been virtually non-existent recently, and Snap's only advantage over competitors like Facebook and Instagram is its location-based service, which the company has yet to take full advantage of.
Snap's longest streak on record is eight trading days. Shares lost 14.81% of their value during that decline.
Snap is trading about 22% below its initial public offering price of $17.
