Firm counts cost of backlash by social media users after share price hits record low

Shares in Snapchat’s parent company have hit a record low after its results revealed the cost of a backlash against a redesign of the social messaging app.

Snap’s share price fell 22% to $10.96 (£8.05) in early trading as investors reacted to ongoing concerns over its struggle to compete with Facebook and its subsidiary Instagram.

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