Snap’s stock plunges further as rival Instagram Stories celebrates one-year anniversay


Shares of Snapchat parent Snap Inc.

SNAP, -2.69%

dropped 2.6% in active trade Thursday toward yet another record low, amid increasing concerns over competition and the impact of the recent lockup expiry. Volume of 17.5 million shares in morning trade was already more than the full-day average of 15.6 million shares. On Wednesday, Facebook Inc.’s

FB, +0.14%

rival to Snapchat, Instagram Stories, celebrated its one-year anniversary, by stating in its blog that it had 250 million daily users, and that those under the age of 25 spend more than 32 minutes a day on Instagram while those age 25 and older spend more than 24 minutes a day. In Snap’s first-quarter filing, the company said it had 166 million daily active users as of March 31, that users under the age of 25 spent “over 30 minutes” on Snapchat a day in quarter ending Dec. 31 and users 25 and older spent about 20 minutes on Snapchat a day. Snap’s stock, which was trading 28% below its $17 IPO price, has declined in 10 of the past 11 sessions, and 18 of the past 21 sessions. The lockup expiration, which came 150 days after the IPO, meant that about 957 million shares could be sold starting July 31, if the shareholders wished. Snap’s stock has plunged 43.6% over the past three months, while Facebook shares have climbed 11.6% and the S&P 500

SPX, -0.13%

has gained 10.5%.