Snapchat's not-growing pains are a boom for Instagram
August 11, 2017
NEW YORK (AP) — Facebook once failed to buy Snapchat; ever since, it's tried to copy it, mostly without success.
Until now. Facebook's Instagram Stories, a clear Snapchat clone, has more daily users than Snapchat itself — and parent company Snap Inc. should be very worried.
Snap's latest earnings report isn't helping either. On Thursday, the company said user growth for the April-June period was a paltry 4 percent from the previous quarter.
Snap's stock, already down 44 percent since its initial public offering in May, declined 14 percent, to $11.90, in extended trading after the result...