Snapchat redesign: User growth sinks hitting Snap shares

Many regular users of Snapchat have complained about the service's changed look

Shares in Snapchat's parent firm fell 17% after it revealed the app's controversial redesign had made it less attractive to would-be users.

Only four million new users were added in the opening three months of 2018 - just over half the number forecast.

And Snap has warned growth and revenue could slow substantially in the second quarter.

That is because the number of daily active users on Snapchat is crucial for generating advertising revenue.
Revenue jumped by more than half to $230.7m (£169.4m) in the first quarter, but also came in below analysts' expectations.

Snap blamed the redesign for "disrupting user behaviour" and creating some "apprehension" among its advertisers.

A tweet from Kylie Jenner wiped £1bn off Snap's stock market value after she said she wouldn't use it any longer