More woes for Snapchat.
There are more woes happening to Snap Inc. Shares of the tech company are down around 7% at the time of this writing. The reason behind this drop is Snap Inc. will be revamping their redesign introduced in 2017. This is quite infuriating to many. Should I buy Snapchat stock due to these events? No…for now.
A company spokesperson said in a statement that “We are always listening to our community and will continue to test updates that we hope will give Snapchatters the best possible experience on our platform.”
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The redesign, done late last year, made Snapchat stock falter to the ground. The idea was focused on separating the content created by peoples’ friends from the content created by brands, celebrities, and publishers. This was not a bad idea, because this would bring structure to the user. Sadly, this decision proved to be costly as users and celebrities using the platform seemed to get quite annoyed.
I would let the shares go down a bit more before encouraging investors to buy into the company. Look at how long it took Twitter to make consistent improvements for their stock to rise up rather quickly. I believe Snapchat will have their moment in the sun. Once this happens, it will be too late to purchase these shares for cheap.
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