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Snapchat Debuts New Disappearing Stock Price
14 May 2017, 12:54 | Chelsea Rogers
The slow user growth is not an insurmountable obstacle for Snapchat, but one thing is certain: any "inorganic" growth they exhibit will most likely be shadowed by Facebook, including acquiring other apps with key stand-out features.
Snap's shares tumbled 23 percent in after-hours trading on Wednesday to wipe some $6 billion from its market value, a humbling reversal for the company after its red-hot March initial public offering, the biggest for a USA tech company since Facebook Inc in 2012.
Following a high-profile and successful IPO in March, the social media darling reported a net loss of $2.2 billion, with a loss per share of $2.31 in the first quarter. On average, equities analysts expect that Snap will post ($0.51) EPS for the current fiscal year.
Snap shares were initially priced at $17 in March before beginning trading at $24.
Revenues were up almost four-fold compared to the same period past year at $149.6m but lower than the $158m expected on average by analysts.
Most of Snap's revenue came from advertising but there was also $8.3 million in an "other" category primarily driven by Spectacles - Snap's internet-connected glasses with a built-in camera.
Snapchat has seen increased competition in the past 12 months, with Facebook and Instagram both adding Stories a feature nearly identical to Snapchats own of the same name. On its first earnings call, CEO Spiegel focused on highlighting the company's progress in Android development.
Just because Yahoo has a search box doesnt mean theyre Google, he said.
Russian Interior Ministry is hit by cyberattack When the ransomware takes over a computer, the attackers are pretty explicit in their demands, Segura said. India was among the three countries worst affected by the attack, data shared by Kaspersky showed.
Tech gurus asserted that it is due to the slow user growth.
In Europe, the company also added 3 million daily users, hitting 55 million DAUs in that region in the first quarter.
Facebook, in order to not miss the trend, launched their own disappearing stories in 2017.
KPCB DGF Associates LLC purchased a new stake in Snap during the first quarter valued at $40,911,000. And when it comes to adding users, he said Snap doesn't stoop to the "growth hacking" tactics of rivals, such as asking people to add all their phone contacts as friends, which he views as unsustainable.
According to Reuters, the $27.98 billion company's weak user growth could be attributed to intensified competition from Facebook Inc (FB), which increasingly copies SNAP's formats across all its platforms. Snap's hosting costs per DAU was 60 cents in first quarter compared to 52 cents in fourth quarter and 72 cents in the fourth quarter.
Vetr upgraded shares of Snap Inc (NYSE:SNAP) from a hold rating to a buy rating in a research report report published on Monday morning.
"I think at this point we're famous for not giving guidance on the product pipeline", Spiegel said. According to the Wall Street Journal, Facebook and Alphabet Inc.
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The YPG militia said the decision is "historic" and a "sign of confidence" in the group, in a statement released on Wednesday. Next week, Erdogan will be able to press the point in person, when he meets Trump at the White House.
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