Analyst flames Snap as ‘a poorly structured company that is demonstrating a clear pattern of mismanagement’ — and suggests its problems run way deeper than the redesign

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Snap has had a chastening start to the year, missing revenue targets and posting slow growth in daily active users in the first quarter. Some have blamed the Snapchat redesign, but the investment bank Piper Jaffray says the problems run deeper and are a result of Snap’s structure and culture.
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