What economic and market factors potentially influenced the results of the IPO?

Instagram which Facebook purchased in 2012 has cramped Snaps user base, which actually declined in the second quarter of 2018. Snap defines itself as a "camera company." It sells Spectacles for recording videos and has built up its flagship app with augmented reality lenses that make sharing posts with friends more playful and engaging. Snapchat's success has forced larger tech services like Facebook, Twitter and Instagram to clone its features, with mixed success. Facebook famously tried to acquire the company for $3 billion in

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