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posted by n1 on Sunday May 14 2017, @07:52PM   Printer-friendly
from the oh-snap dept.

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


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  • (Score: 3, Insightful) by Anonymous Coward on Sunday May 14 2017, @08:34PM

    by Anonymous Coward on Sunday May 14 2017, @08:34PM (#509605)

    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?!

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