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Snap shares crater at market open after dismal earnings report

Shares of Snap Inc hitting an all-time low on Thursday, falling more than 20 percent after its first-ever earnings report showed slowing Snapchat user growth, weak revenue and a more than $2 billion loss.

Disappointing first time results from tech companies isn't unusual. Rivals Facebook and Twitter also flopped in their first report, and their stocks cratered as a result.

Twitter shares never recovered and currently trade down roughly a third from the IPO price. But Facebook's stock has more than bounced back and is hot on the heels of Snap with a near-identical clone of its most popular video feature called Stories.

Taking a big chunk out of the first quarter was CEO Evan Spiegel's $800 million bonus for taking the company public. Snap Inc saying the move was intended to "motivate him to continue growing our business and improving our financial results." Investors shocked to see all of the stock-based compensation show up in a single quarter instead of spread out over time.

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