105 Days After Its IPO, Snap Is Back to Square One
105 days after going public on March 2, Snap’s stock price dropped back to its IPO price of $17 for the first time on Thursday. Despite doubts about the company’s future profitability, Snap had seen strong demand for its initial public offering and its share price subsequently jumped more than 40 percent on the first day of trading. When, a day later, Snap’s shares closed at an all-time high of $27.09, everything looked great for the parent company of Snapchat, but in light of strong competition from Facebook the doubts about Snap’s long-term viability always simmered and eventually caused the share price to drop.
Snap’s disappointing first quarter results did little to calm the nerves of its shareholders and so it began to look like a matter of time when the company’s stock price would drop below the IPO price for the first time. It’s a fate that Snap shares with many other public tech companies, some of which have long recovered while others maybe never will. Considering the apparent success of Instagram Stories and the lackluster interest from marketers in Snapchat, it remains to be seen if and when Snap can climb back to previous heights.
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