Snap stock hits lowest level since IPO after paltry earnings

In this Monday, Aug. 7, 2017, photo, the Snap Inc. logo appears on a screen above a trading post on the floor of the New York Stock Exchange. Snap Inc. reports earnings, Thursday, Aug. 10, 2017. (AP Photo/Richard Drew)

NEW YORK — Shares of Snap Inc. have fallen 14 percent 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 $1.94 to close Friday at $11.83. 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.

Must Read

Review: In 'The Salesman,' echoes of Arthur Miller in Tehran

Jan 26, 2017

Film Review: Asghar Farhadi's Oscar-nominated "The Salesman" may not quite reach the heights of his best ("About Elly," "A Separation")

Analysis: Trump tilts 'America First' toward 'America Alone'

Jun 2, 2017

Trump's exit from the Paris climate deal shows the president's 'America First' slogan can mean 'America Alone'

'A primal experience': Americans dazzled by solar eclipse

Aug 22, 2017

The moon is blotting the sun from the sky in the first full-blown solar eclipse to sweep the U.S. from coast to coast in nearly a century

People also read these

Review: In 'The Salesman,' echoes of Arthur Miller in Tehran

Jan 26, 2017

Film Review: Asghar Farhadi's Oscar-nominated "The Salesman" may not quite reach the heights of his best ("About Elly," "A Separation")

Analysis: Trump tilts 'America First' toward 'America Alone'

Jun 2, 2017

Trump's exit from the Paris climate deal shows the president's 'America First' slogan can mean 'America Alone'

'A primal experience': Americans dazzled by solar eclipse

Aug 22, 2017

The moon is blotting the sun from the sky in the first full-blown solar eclipse to sweep the U.S. from coast to coast in nearly a century

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH