Snap is plunging after its CFO leaves for the 2nd time in 8 months

REUTERS/Dado Ruvic/Illustration

A Snapchat logo is seen through broken glass in this illustration picture, May 11, 2

• Snap shares plunged early Wednesday after the company said CFO Tim Stone was leaving the company.
• The announcement late Tuesday, in a filing with the Securities and Exchange Commission, marked the second CFO departure in eight months.
• Snap has seen a slew of executive departures over the course of the past year.
• Snap shares were down more than 10% on the news.
• Watch Snap trade live.

Snap plunged more than 10% early Wednesday after the company said CFO Tim Stone was leaving the company to "pursue other opportunities."

The announcement late Tuesday, in a Securities and Exchange Commission filing, marked the second CFO departure in eight months. Its previous CFO, Andrew Vollero, left in May. Stones departure follows a slew of key executive departures in 2018.

Snap said Stone would continue to serve as CFO and assist with finding a replacement; his last day has not yet been determined.

"When Stone was initially hired, we were hopeful for improved financial prudence and better communication with the Street," Jefferies analysts led by Brent Thill told clients on Tuesday.

"In his first two quarters Stone laid out financial guidance and seemed to be focused on being prudent with investments with a focus towards sustainable growth. However, with Stone's sudden departure we question the direction that management will take the business."

Snap shares were trading below $6 per share following the news. The stock hit a record low of $4.82 last month.

Read more:

• Snap is losing its CFO after less than a year, and the stock is plummeting
• Snap employees will not receive cash bonuses for the second straight year

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