*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).
No one likes to have to take their clothes to the laundromat. But a new bar in Brooklyn, called Pearl Lee’s Washtub, is spicing up the chore by creating a laundromat that's also a full bar.
President Joe Biden highlighted progress in chipping away at so-called junk fees as a “win for consumers” Thursday, as he met at the White House with executives from Live Nation, Airbnb and other companies that have taken steps to embrace more transparent pricing.
Ed Siddell, CEO and chief investment officer with EGSI Financial, joined Cheddar News to discuss Thursday's positive trading session in what Siddell called "a year of momentum" as investors continue to digest a heavy amount of news that includes monetary policy, inflation concerns, banking fears and some positive economic data.
