Snapchat-owner Snap Inc on Tuesday reported slower user growth than Wall Street expected and said it was redesigning the app, sending shares down about 20 percent on concerns it was being beaten by established rivals such as Facebook's Instagram.
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Snapchat had a rough May, and that's even before taking into account the massive competitive threats it faces from Apple and Facebook. The company has a lot of growing up to do. And it better do it fast.