Snap slumps as Wall Street dips

Snap slumps as Wall Street dips

Snapchat owner Snap was the biggest loser on Wall Street on Thursday after it posted disappointing results for the first three months of the year.

Its shares plunged 20% on slowing user growth and revenue in its first earnings report as a public company.

All three main indexes were also in negative territory, with the Dow Jones down 69.2 points or 0.33% to 20,873.91.

The S&P 500 fell 10.4 points to 2389.23 and the tech-heavy Nasdaq index declined 22.33 points to 6,106.81.

Department store operator Macy’s was another big loser, shedding 11.3% after reporting a much bigger-than-expected drop in quarterly profit and sales.

Shares of rival stores were also dragged down, with JC Penney falling 5.6%.

Source: BBC News

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