Snap slides below $10 for the first time

Co-Founder and CEO of Snap Inc. Evan Spiegel and President and CEO of the Aspen Institute Walter Isaacson speak onstage during Vanity Fair New Establishment Summit at Wallis Annenberg Center for the Performing Arts.Matt Winkelmeyer/Getty Images

Snap shares slid for a seventh straight session on Thursday, hitting a record low of less than $10 apiece.

Thursday’s selling comes as tech names have been under pressure after Facebook and Twitter executives testified on Wednesday before the Senate Intelligence Committee about their company’s response to Russian interference during the 2016 presidential election. 

Twitter CEO Jack Dorsey is scheduled to appear before the House Energy and Commerce Committee on Thursday.

Snap shares have been under pressure since the social-media company released its second-quarter earnings last month. The company beat sales and profits estimates but admitted its number of daily active users fell 2% from the first quarter to 188 million. Wall Street analysts were expecting that number to increase to 193 million.

Social media peers such as Facebook and Twitter are also suffering from user bases drop as debate escalates over censorship and the spread of misinformation.

On Wednesday, Snap introduced two new styles of its Spectacles camera glasses, which look more like standard sunglasses. But shares dropped 4% following the news.

Shares of Snap are down 34% since this year.

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Business Insider