Snap flushes to record low as shares slide for 6th straight day
Matt Winkelmeyer/Getty Images
- Snap touched a record low Wednesday.
- The company introduced two new style of its Spectacles camera glasses.
- Social media execs are testify before Congress about their response to Russian interference during the 2016 election.
- Watch Snap share in real-time here.
Snap shares slid 4% Wednesday, down for a sixth straight session, to a record low of $10.07 apiece as the tech sector came under pressure while social-media execs testified before Congress.
The selling came despite Snap introducing two new styles of itd Spectacles camera glasses on Wednesday. The new styles look more like standard sunglasses, less obvious that they have built-in cameras - and will sell at $200, $70 more than its original Spectacles.
Snap's stock has been under pressure since last month, when the company reported earnings that beat on the top and bottom lines but said its number of daily active users fell 2% compared to the first quarter to 188 million. Wall Street analysts were expecting that number to increase to 193 million.
Social-media names are in the crosshairs on Wednesday as Facebook COO Sheryl Sandberg and Twitter CEO Jack Dorsey testifying Wednesday before the Senate Intelligence Committee about their company's response to Russian interference during the 2016 election.
Shares of Twitter sank more than 5% and Facebook dropped 2%.
Dorsey is scheduled to appear before the House Energy and Commerce Committee on Thursday.
Snap shares are down 30% this year.
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