Snap Inc. unveiled a redesign of its Snapchat app on Wednesday, in an attempt to spur user growth and make it easier to discover content. The new, simpler design separates content made by friends and content made by publishers. “This will provide a better way for publishers to distribute and monetize their stories, and a more personal way for friends to communicate and find the content they want to watch,” CEO Evan Spiegel wrote in an Axios op-ed. The change could make Snap more accessible to content creators who’ve so far chosen to post to Alphabet Inc.’s YouTube platform. Snap first announced the overhaul on its third-quarter earnings call, after the company grew its user base just 3% from the prior quarter. Snap shares were down 0.8% in Wednesday morning trading and are down 20% from their March IPO price of $17. The S&P 500 was slightly higher.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News