Shares in Snap Inc (NYSE:SNAP) edged lower on Tuesday after its rival Instagram revealed that its Stories feature had added 50mln new users.
That means the picture app – which is owned by Facebook Inc (NASDAQ:FB) – now has 250mln daily users, up from the 200mln it announced back in April.
By comparison, Snap’s Snapchat app – which like Instagram stories lets users view friends’ photos for a certain period of time – only had 166mln daily active users as of May.
Snap shares finished at US$17.22 at close of play on Tuesday, marking a swift comedown for the tech company since its IPO earlier this year.
When the shares debuted in March they were priced at US$17 each but after a post-IPO surge they’ve fallen back in recent weeks amid concerns about its business model.