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- Snap is down 1.5% early Thursday after Kylie Jenner tweeted about how she doesn’t use Snapchat after the app’s new redesign.
- Jenner is one of the biggest influencers on the app.
- Snap has been downgraded on Wall Street because of the redesign.
Snap is sliding, down 1.5% at $18.36 a share, early Thursday after Kylie Jenner suggested her days of using its Snapchat app are over.
“Sooo does anyone else not open Snapchat anymore?” she asked her Twitter followers. “Or is it just me… ugh this is so sad.” She followed up with another tweet: “Still love you tho snap … my first love.”
The photo-sharing company has seen a boatload of user backlash in the wake of the rollout of its redesigned app. More than 1.2 million people have signed a petition on Change.org called “Remove the new Snapchat Update.”
The wave of negativity surrounding the rollout has caused Wall Street firms to downgrade the stock. In January, Raymond James downgraded the stock and just two days ago Citigroup followed suit by lowering their price target to $14 a share.
“While the recent redesign of [Snap’s] flagship app could produce positive long-term benefits, [there is a] significant jump in negative app reviews since the redesign was pushed out a few weeks, which could result in a decline in users and user engagement, and could negatively impact financial results,” Citigroup analysts Mark May and Hao Yan wrote on Tuesday.
Snapchat users who are calling for the old ways are out of luck. In a statement released Wednesday, the company said the new app is here to stay, with some adjustments on the way.
“Beginning soon on iOS, and with Android in the coming weeks, we are introducing tabs in Friends and Discover, which will make it easier to find the Stories that you want, when you want them,” the release said.
Shares of Snap are up 23.45% this year.
- Markets Insider