Snap, the parent company of the messaging app Snapchat, lost 17 cents per share on revenue of $230.7 million during the first quarter, the company reported on Tuesday following the close of trading.
The company's revenue missed analyst expectations by 6%, exactly the kind of performance the company did not need.
On Wednesday morning, Snap shares traded down 20% at a record low. The stock hit $11.22 a share early Wednesday, slipping below its previous low of $11.28.
Before Tuesday, Snap's shares had fallen 33% since a February high of $21.22.
To read more about Snap's disastrous quarter, click here.
In related news:
A lot of the blame for Snapchat's woes lies on its recent redesign, which could have turned away millions of users. Now, the company promises tweaks to the design are coming.
Snap's decision to launch a new version of Spectacles looks even more dubious after its disastrous earnings report. The company would likely be better off focusing on Snapchat than peddling another hardware product.
In other news:
'They're racing to forgive and jump back in': Advertisers are falling back in love with YouTube. YouTube has spent the past few months doing a brand-safety blitzkrieg, which seems to be working, with P&G, PepsiCo, and Ford back on the platform.
Facebook is getting into dating. The social media giant announced at its annual F8 developers conference that it's creating a dating service meant to compete with the likes of Tinder and Bumble.
Facebook CEO Mark Zuckerberg acknowledged his company's missteps over the Cambridge Analytica scandal, but forcefully argued that the social network is a force for good. Speaking at F8, Zuckerberg even joked about his Congressional appearance.
Facebook will introduce a "Clear History" feature, which wipes all your web browsing data from your Facebook account. Users will be able to delete which pages they have visited and what they have clicked on.
Verizon's Oath announced 10 new original series and a partnership with Samsung to distribute its content and native ads on Galaxy devices in the US and some other global markets. The announcement was made at its NewFront event Tuesday.