By Ovunc Kutlu
ISTANBUL (AA) - US-based tech firm Snap saw its shares dive more than 35% on Wednesday amid weak financial results.
The company, which developed instant messaging app Snapchat, had its stock price plummeted to $11.32 per share around 11.30 a.m. EDT on the New York Stock Exchange. It closed Tuesday at $17.46, posting a daily loss of 35.2%.
The firm posted a net loss of $248 million in the fourth quarter of 2023 and more than $1.32 billion for the entire year, according to its financial results statement released late Tuesday.
The company said on Tuesday it will cut 10% of its global workforce, or around 500 employees.
According to CEO Evan Spiegel, Snapchat reached 414 million daily active users last year.