Snapchat redesigns its app again. Stock plunges

Snapchat can't catch a break.Shares of the social media company plunged Wednesday after it changed its app aga...

Posted: Apr 25, 2018 8:38 PM
Updated: Apr 25, 2018 8:38 PM

Snapchat can't catch a break.

Shares of the social media company plunged Wednesday after it changed its app again - only months after a previous redesign that ticked off users.

Snap stock was down 7% in midday trading, putting it more than 15% below the price when it went public last year.

Last year, Snapchat changed the app to differentiate between a user's personal friends and media superstars that a user follows. Many fans revolted. So did Wall Street.

The latest changes appear to backtrack. On the same Discover page, some users now see a test that shows Stories from their friends as well as posts from celebrities and other "influencers" that they subscribe to.

"We are always listening to our community and will continue to test updates that we hope will give Snapchatters the best possible experience on our platform," a Snapchat spokesperson told CNNMoney in response to a question about the changes.

Celebrities aren't pleased with Snap lately, either.

Kylie Jenner bashed Snapchat in February. Her tweet criticizing the redesign - she called it "so sad" - caused the stock to tank. Jenner later took a literal baby step back toward Snapchat, posting videos of her infant daughter, Stormi, to the platform.)

Related: The Kylie Jenner curse? Snapchat faces its defining moment

And just last month, Rihanna attacked the company after an ad on Snapchat made light of a 2009 incident in which Rihanna's former boyfriend Chris Brown was arrested. He later pleaded guilty to beating her during an argument.

The constant rejiggering of Snapchat has clearly annoyed lots of users, though, not just famous people. It's making investors nervous, too. And it couldn't happen at a worse time for the company.

It's still not clear that Snapchat will ever be able to be profitable enough to live up to the hype before it went public. Snapchat rallied after its last "earnings" report, but investors still worry about slow user growth.

In many respects, Snapchat's challenges are similar to those of Twitter - a company that never can seem to satisfy Wall Street. Twitter stock fell Wednesday even though the company reported revenue and profit that topped forecasts.

Concerns about privacy for social media users have reached new heights since the Facebook/Cambridge Analytica data scandal.

Of course, Facebook also owns Snapchat's fiercest rival, Instagram. Many investors worry that Snapchat won't ever top Instagram's user count, especially if Instagram keeps rolling out features similar to Snapchat's.

Facebook will report its latest earnings, including Instagram user numbers, after the market closes Wednesday.

- CNNMoney's Kaya Yurieff contributed to this story.

Minnesota Coronavirus Cases

Data is updated nightly.

Cases: 560450

Reported Deaths: 7122
CountyCasesDeaths
Hennepin1167211690
Ramsey48313858
Dakota42928423
Anoka38965419
Washington25195274
Stearns21198219
St. Louis16926298
Scott16187118
Wright14964128
Olmsted1282897
Sherburne1072580
Carver993045
Clay787390
Rice7701102
Blue Earth704240
Kandiyohi631381
Crow Wing624286
Chisago554750
Otter Tail547673
Benton536697
Mower453032
Goodhue448572
Douglas446071
Winona439549
Nobles401948
Morrison397559
McLeod397255
Isanti382559
Itasca379053
Beltrami375457
Polk367967
Steele366214
Becker359448
Lyon349748
Carlton331152
Freeborn329629
Pine313821
Nicollet310343
Brown295639
Mille Lacs285450
Le Sueur273822
Todd270030
Cass252526
Meeker239137
Waseca231921
Martin215230
Wabasha20003
Roseau198319
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Renville172943
Dodge17253
Redwood166735
Houston162714
Cottonwood158221
Fillmore15229
Pennington151519
Chippewa147537
Wadena145821
Faribault145519
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Aitkin129436
Watonwan12609
Rock123419
Jackson118210
Yellow Medicine111319
Pipestone110526
Pope10386
Murray10319
Swift100418
Marshall85817
Stevens83310
Lake78819
Clearwater78514
Koochiching77813
Wilkin77312
Lac qui Parle73922
Big Stone5764
Lincoln5613
Grant5528
Norman5229
Mahnomen5178
Unassigned48678
Kittson46822
Red Lake3877
Traverse3625
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Cook1480

Iowa Coronavirus Cases

Data is updated nightly.

Cases: 359450

Reported Deaths: 5839
CountyCasesDeaths
Polk56274608
Linn20392330
Scott19245236
Black Hawk15611306
Woodbury14960221
Johnson1415481
Dubuque13196203
Dallas1094596
Pottawattamie10804162
Story1035747
Warren559186
Clinton541791
Cerro Gordo524987
Webster508792
Sioux507873
Marshall477575
Muscatine463297
Des Moines443165
Wapello4255121
Buena Vista422140
Jasper408470
Plymouth398779
Lee369255
Marion355775
Jones293455
Henry286837
Carroll280152
Bremer279860
Crawford262840
Boone259633
Benton251155
Washington249850
Dickinson243743
Mahaska225750
Jackson218942
Kossuth213763
Clay212325
Tama206971
Delaware204539
Winneshiek194933
Page190721
Buchanan189031
Cedar185023
Fayette183541
Hardin181942
Wright180635
Hamilton178449
Harrison176673
Clayton167355
Butler162734
Mills159020
Cherokee157738
Floyd156242
Lyon155341
Madison154819
Poweshiek153233
Allamakee149351
Iowa146224
Hancock144234
Winnebago136931
Grundy135532
Cass135154
Calhoun133411
Jefferson131235
Emmet129940
Shelby129037
Sac128419
Louisa127349
Appanoose126747
Mitchell125441
Union123332
Chickasaw122715
Guthrie118529
Humboldt118426
Franklin113121
Palo Alto111323
Howard102922
Montgomery101537
Unassigned10040
Clarke98524
Keokuk95031
Monroe94528
Ida90133
Adair84832
Pocahontas84121
Monona81430
Davis79924
Osceola77116
Greene76710
Lucas75723
Worth7138
Taylor65412
Fremont6169
Decatur5919
Van Buren55518
Ringgold53624
Wayne52123
Audubon4969
Adams3314
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