Shares in Snapchat owner Snap, Inc fell to a new low today, after a disappointing set of results on Thursday.
Shares were down 11 per cent at $12.30 in mid-morning trading in New York, way below the $17 at which it floated in March.
The fall followed a huge drop in extended trading yesterday, after the company posted figures showing a disappointing rise in daily active users (DAUs).
Second quarter figures showed DAUs had risen to 173m during the three months to the end of June, from 143m the year before. Analysts had been expecting a figure closer to 175.2m DAUs.
The company has been struggling to compete with the likes of Instagram, which has copied one of its most important features, Stories, and recently launched augmented reality filters like Snapchat's, which layer features such as moustaches or funny glasses over users' faces.
Yesterday Norm Johnston, WPP Mindshare's chief strategy and digital officer, said: “DAUs have slowed down while rivals like Instagram have demonstrated considerable growth.
"Instagram Stories now has 250m active daily users while Snapchat has stalled at 166m. Snapchat’s sweet spot continues to be millennials but the challenge it faces is to reach an older generation, without alienating its core user base."
Read more: Has Snapchat snapped?