- Snap – the company behind Snapchat – has just released its first quarterly results since its US$3.4 billion IPO back in March. Year-on-year revenues were up by a massive 286 percent – but the reported quarterly income of US$150 million still clocked in substantially lower than the US$158 million analysts had expected.
- User growth has also been slower than predicted, with Snap reporting 166 million daily active users against an expected 167.3 million. Reported quarterly net losses were US$2.2 billion, including US$2 billion of stock-based compensation expenses related to the IPO.
Why it matters:
- Snap shares plunged in value by as much as 25 percent in after-hours trading.
This post Brief: Snap’s stock plummets after first quarterly results since IPO appeared first on Tech in Asia.