Snap Shares Sink as Social Media Bans Pose Threat to User Growth

Snap Inc. shares fell by the most in six months after the company reported a decline in daily users, partly driven by Australia’s ban on social media for children.

The company had 474 million daily active users for the fourth quarter, it said Wednesday in a statement, down 3 million from the prior quarter and short of analyst projections. It was the first user decline for Snap since a controversial redesign of the Snapchat app in 2018.