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SnapChat logo is seen on an Android mobile device with a decline loses graph in the background. Photo: Miguel Candela/SOPA Images/LightRocket via Getty Images.

Snap Inc.'s stock fell below $5 per share Thursday, and hit its all time low of $4.85 Friday. The company went public last year at $17 per share and has gradually lost momentum since.

Why it matters: Despite dodging a bad press cycle that other data-driven ad companies faced, Snap has still failed to win over investors that are skeptical of the company's plan to grow its user base and business.

The details: On Thursday, Cheddar reported that employees have been told they won’t receive cash bonuses for the second consecutive year. According to Cheddar's Alex Heath, who broke the story, it's because Snap didn't meet internal goals for 2018.

"CEO Evan Spiegel had originally said the goal was to reach break-even in Q4. Snap lost $325 million against $298 million in revenue last quarter and hasn't reported for Q4 yet."

The big picture: Snapchat has had a hard year trying to recover from a poorly received redesign in Q1 and a failure to grow its user base throughout the year.

  • In its last quarterly earnings report, Snap reported 186 million daily active users, down 1% from the previous quarter when it had $88 million, also down from 191 million in 2018 Q1. It predicts a decline in for Q4.
  • The company has also lost many high-level staffers, including its communications lead, its content lead, its head of engineering, its head of business and its head of marketing.

Go deeper

Updated 2 mins ago - World

Myanmar military fires UN ambassador after anti-coup speech

Photo: Peerapon Boonyakiat/SOPA Images/LightRocket via Getty Images

Myanmar's military regime on Saturday fired the country's ambassador to the United Nations, Kyaw Moe Tun, a day after he gave a pro-democracy speech asking UN member nations to publicly condemn the Feb. 1 coup, The New York Times reports.

The latest: Kyaw Moe Tun told Reuters later on Saturday, "I decided to fight back as long as I can."

59 mins ago - Axios on HBO

Preview: "Axios on HBO" interviews White House Senior Advisor Cedric Richmond

On the next episode of "Axios on HBO," Axios co-founder Mike Allen interviews White House Senior Advisor Cedric Richmond.

  • Catch the full interview and much more on Sunday, February 28 at 6 pm. ET/PT on all HBO platforms.
2 hours ago - World

Italy tightens COVID restrictions as experts warn of growing prevalence of variants

Health workers prepare vaccine doses in Iseo, Italy. Photo: Stefano Nicoli/NurPhoto via Getty Images

Italy on Saturday announced it was tightening restrictions in five of the country's 20 regions in an effort curb the spread of the coronavirus.

Driving the news: The announcement comes as health experts and scientists warn of the more transmissible coronavirus variants, per Reuters.