Could this be rock bottom for Snap Inc. (SNAP) ?
The faltering social media firm was trading at below $10 on Monday, sinking to a new low of $9.55 per share after its chief strategy officer, Imran Khan, said in a regulatory filing that he was leaving the company.
"Mr. Khan has confirmed that this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, or practices (financial or otherwise)," the filing stated. Khan's last day has not been determined, the filing said.
Khan joined Snap in January 2015, and served as strategy chief throughout Snap's March 2017 public offering, which priced its stock at $17 per share. He played a critical role in steering the company's roadmap as well as selling its narrative to investors. On Snap's most recent earnings call on August 7, Khan did most of the talking, along with CFO Tim Stone, in explaining the company's results and outlook.
In its August earnings report, Snap reported its first-ever drop in daily active users, which CEO Evan Spiegel blamed on a widely-panned redesign of its main app, Snapchat.
In the SEC filing, Khan said that he would stay on for an unspecified period "to ensure a very smooth transition."Snap shares have been on a steady decline since the August 7 earnings report, tanking nearly 25% in the past month including a drop of about 2% in Monday trading.