*By Alisha Haridisani*
Snap Inc.’s shares plunged by more than 15 percent Tuesday after the social media company reported a rough first quarter that missed estimates for both revenue and user growth.
Revenue came in at $231 million, 25 percent higher than a year ago but well below Wall Street's expectation for $244 million. The company also added just 4 million daily active users in the quarter, short of the 7 million adds forecast by analysts.
The results point to just how much of a problem Snap’s redesign has been for the company. “This is the first full quarter that the redesign has been out in the wild,” said Cheddar’s Alex Heath.
The company’s new look, which separated content from friends and channels, upset both users and publishers and even prompted celebrities such as Kylie Jenner to publicly cut ties with the platform. And after months of standing by the changes, the company last month was forced to backtrack, promising to redesign the redesign.
“We are now focused on optimizing the redesign based on our ongoing experimentation,” CEO Evan Spiegel said in a statement. “We look forward to continuing our efforts to refine and improve Snapchat.”
So far, investors don't seem convinced. The stock fell close to its lowest levels on record.
For full interview, [click here](https://cheddar.com/videos/snap-and-apple-report-earnings).
Cora is among dozens of young kids across the U.S. poisoned by lead linked to tainted pouches of the cinnamon-and-fruit puree
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
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Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
Tesla drivers in the U.S. were in more accidents than drivers of any other car brand this year, according to a study.
The promise of self-checkout was alluring: Customers could avoid long lines by scanning and bagging their own items, workers could be freed of doing those monotonous tasks themselves and retailers could save on labor costs.
