*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).
Job-hunting is difficult and even more so when you've been out of the workforce for a while. Cheddar News' docuseries premieres Thursday night and will look at a job hunter who is working with a career coach to obtain her dream position.
Magnate Rupert Murdoch's surprise announcement Thursday that he's stepping down as leader of his two companies leaves his son Lachlan firmly in line of succession at Fox and the rest of the media empire.
The iconic Budweiser Clydesdales will no longer have their tails shortened using a common, yet controversial, procedure that has drawn the ire of animal activists, parent company Anheuser-Busch InBev announced Wednesday.
The Federal Reserve left its key interest rate unchanged Wednesday for the second time in its past three meetings, a sign that it’s moderating its fight against inflation as price pressures have eased. But Fed officials also signaled that they expect to raise rates once more this year.
