Snap Inc. hit its lowest prices yet Wednesday, as rival Facebook Inc.'s Instagram openly crowed about the success of its Stories offering, which mimics Snapchat's feature of the same name. On the anniversary of the launch of its Stories feature, Instagram noted in a blog post that 250 million people used its Stories function daily, with users younger than 25 spending 32 minutes a day in the Instagram app and older users averaging 24 minutes a day in the app. While Instagram has previously revealed that its Stories feature had more users than Snap, this was the first time Facebook has divulged the amount of time users spend in the app, which Snap has said is a more important metric than total users. In its filing for an initial public offering, Snap said users younger than 25 spent more than 30 minutes a day in the Snapchat app, while older users averaged 20 minutes a day. Snap shares hit a new intraday low of $12.53 in Wednesday's session, more than 26% lower than the company's IPO price of $17, while Facebook was down about 1.2% in a tough day for tech stocks not named Apple Inc.
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