Investor fever for Snapchat has vanished: Shares of parent company Snap closed at $16.99 apiece Monday, falling for the first time below the company’s initial public offering price of $17.
Snap’s market valuation has dropped from more than $31 billion in the days following its IPO this spring to $19.9 billion as of Monday. The stock closed down 1.1% for the day and hovered just above the $17-per-share mark in after-hours trading.
Investors have grown increasingly concerned over Snapchat’s slowing user growth and revenue. In its first post-IPO earnings report, for the first quarter of 2017, Snap missed Wall Street’s first-quarter expectations and posted a massive $2.2 billion loss, driving shares down more than 20%.
The drop Monday came…