Snapchat owner plunges as losses continue

Snapchat owner Snap says it is working to overhaul its signature messaging app, as it struggles to attract users and turn a profit.

Shares in the firm plunged after hours on Tuesday, after the firm reported losses of more than $400m (£337m) in the quarter. It also had lower-than-expected revenue and user growth.


Snapchat said the changes would make the app easier to use and more compatible with Android phones. However, it warned the transition could be rocky.

"We're willing to take that risk for what we believe are substantial long-term benefits to our business," said 27-year-old chief executive Evan Spiegel. Snapchat pioneered the craze for disappearing messages among teens.