Submitted via IRC for TheMightyBuzzard
Shares in Snapchat’s parent company Snap Inc. have plummeted in value by almost a quarter – to the tune of $6 billion. The drop comes after the first earnings report since the company went public showed a slowdown in user growth and revenue.
On Tuesday, the company posted a $2.2 billion loss in the first quarter, much of which was tied to compensation following the company’s IPO in March. After adjusting for the expected expenses, losses of $188.2 million were reported – greater than analysts anticipated.
The company’s stock dropped 23 percent in after-hours trading following the report, wiping a staggering $6 billion off the company’s value, according to Reuters.
Source: RT
Q1: 05-08-17 Earnings Summary via Seeking Alpha
(Score: 3, Insightful) by Anonymous Coward on Sunday May 14 2017, @08:34PM
A startup that just came out of IPO, whose sole product is a messaging app, recorded TWO BILLION DOLLARS loss.
I mean, if GM or IBM announces loss of $2B, we would think, dang, shit's messed with them outfits, but Snapchat? Barely out of IPO "social" startup? TWO FREAKING BILLION BUCKS?!