Share prices continue to sink for Snap Inc, the camera company behind the popular Snapchat application, with prices dipping as low as $11.90 on Friday. The company’s share prices have continuously tumbled since its original foray into the marketplace, where they were priced at $17 a share.
Based on its dismal performance Friday, the company’s share prices have now sunk to their lowest point since its blockbuster IPO, which drew headlines for its impressive $33 billion valuation, according to CNBC. The company’s original success shows just how far it has fallen since then; Snap’s current market valuation now rest at around $13 billion.
Snapchat’s growth has steadily declined in the past four quarters, adding only 7 million users during 2017’s second quarter when it should have been garnering 8 to 10 million. Its lackadaisical growth has driven investor’s ire, and company executives have warned that sales growth could even diminish further in the coming months.
Snap’s IPO was one of the largest American IPOs since the Alibaba Group Holding Ltd.’s in 2014.
Snap’s stock, according to Fortune, originally fell below its original IPO price of $17 in July, when it hovered around $17 before dropping down to $16.99. Investors who bought into the company during its highly-anticipated IPO have thus lost serious money already, with Friday’s performance acting as another nail in the financial coffin.