NEW YORK -- Shares of Snap Inc. are down sharply after the parent company of Snapchat reported paltry earnings.
The stock hit its lowest level Friday since the company went public in March. Adding to the uncertainty, employees will be able to sell their stock on Monday, when a lockup period that follows the company's initial public offering expires. An earlier lockup expired in July, but on Monday, more shares will be eligible for sale.
Snap's shares fell $1.61, or nearly 12 per cent, to $12.16 on Friday morning. That's well below the company's $17 IPO price. And it's less than half of the $24.48 that the stock closed at on its first trading day.
Snap CEO Evan Spiegel said Thursday that neither he nor co-founder Bobby Murphy plan to sell any stock.
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