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Snapchat's share value falls dramatically

Snapchat's parent firm has seen its shares slump after revealing that its design change has led to consumer demand slowing down.

The value of the stock fell by an eye-watering 17 percent, with figures showing that Snapchat only added four million new users in the opening months of the year - which is half of what had been predicted.

Chief executive Evan Spiegel admitted that the controversial redesign has hit Snapchat in the short term, but he's confident the company has done the correct thing.

He said: "The redesign lays the foundation for the future of both our communication products and our media platform, and we look forward to doubling down on both."

The number of users of the app is central to ad revenue, and while revenue reached $230.7 million in the first quarter, the numbers still came in below experts' expectations.

Earlier this year, it was speculated that Kylie Jenner's criticism of Snapchat may have caused the firm's stock market valuation to plummet.

The reality TV star - who gave birth to her daughter Stormi Webster on February 1 - took to her Twitter account to bemoan some of the changes to Snapchat, and her comments supposedly influenced the firm's stock market value falling by as much as $1.3 billion in 24 hours.

Kylie wrote on the micro-blogging website: "sooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad. (sic)"

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