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Snap expects to lose more users, shares plunge

Snap Inc lost more users than Wall Street expected in the third quarter as it continued to grapple with an unpopular redesign of its Snapchat photo-messaging app and fierce competition from Facebook Inc’s Instagram. Daily active users are expected to fall again next quarter, Snap Chief Financial Officer Tim Stone told analysts on a conference call, which would mark the third sequential quarter of user declines. Snap shares, which have lost more than 52 percent since the beginning of the year, tumbled 10 percent in…