*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).
Airlines will continue to operate fewer flights to New York and Washington to cut down on cancellations and delays.
A new report found that business travel is becoming more expensive.
X Corp. CEO Linda Yaccarino told CNBC that she has "autonomy" under Elon Musk, adding that she wants advertisers to be comfortable to return.
Verizon Wireless said it plans to raise the prices of some of its plans.
Food service workers in Las Vegas are set to take to the Strip Thursday as they demand higher pay and better benefits.
GM President Mark Reuss joined Cheddar News to discuss the company's new Cadillac Escalade electric vehicle and talked about how to make affordable EVs for the general public. "That's who we are as a company -- we will offer vehicles for everybody and every different income level," he said.
Lauren Fix, automotive expert with 'The Car Coach,' spoke with Cheddar News to provide tips and advantages on buying a used vehicle. "You let somebody else take the depreciation, which is probably one of the best things ... you then move in at a two- or three-year-old vehicle that maybe was leased, and you can get some great values," she said.
Disney said it's increasing prices for its ad-free streaming services as the company is losing subscribers and also announced it planned to crack down on password-sharing. Cheddar News' Michelle Castillo broke down Disney's moves.
Lawrence Sprung, a certified financial planner and author of 'Financial Planning Made Personal' shares advice about how to teach kids to use credit wisely.
Disney is cracking down on password sharing for Disney+ users.
