Snap Inc SNAP's stock fell more than 3.3 percent Tuesday, continuing the sell-off from Monday's session.
Layoffs
"The stock has seesawed since the company announced in late March that it is laying off 100 employees, the third round of layoffs for the company this year," Business Insider noted.
Group Video Chat
Snap announced Tuesday morning Snapchat users will be able to video chat with up to 16 people. "Group Video Chat" will be rolled out this week.
BlackBerry Lawsuit
Bloomberg reported Tuesday afternoon that BlackBerry BB filed a patent infringement lawsuit against Snap, less than a month after BlackBerry brought a similar lawsuit to Facebook Inc FB.
Saudi Arabia
Perhaps most notably, CNBC reported that Snap held advanced talks with the government of Saudi Arabia to open an office and develop a content deal with MiSK Foundation. As part of the agreement, Snap would provide workshops and training to Saudi youths to develop content for the domestic audience.
Why It's Important
Western social media companies don't operate offices Saudi Arabia and if reports are accurate, a presence in the country could potentially expand a market where 70 percent of the population is under the age of 30, CNBC said.
There are many strict rules in Saudi Arabia governing how companies can operate. For example, women were airbrushed out of an international Ikea ad campaign and a woman driving a car as part of a The Coca-Cola Co KO was deemed to controversial.
"Without [freedom], I don't think the young people who work for me are going to be comfortable spending too much time [in Saudi Arabia]," Marc Raibert, founder of Boston Dynamics, was quoted by CNBC as telling Saudi and American business leaders.
Report: Google's Alphabet Explores Joint Venture Opportunity With Saudi Aramco
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