After closing the day at $22.98, Snap's shares tanked 21.5% in overnight trading and continued to fall during trading on the New York Stock Exchange (NYSE) on Thursday, closing at $18.05, a loss in value of almost $6bn, according to The Guardian.
After announcing the disappointing results, shares of the company decreased over 20% to around $18 per share, which was just $1 above the IPO price.
For the fiscal first quarter, Snap reported a loss of $2.21 billion, higher than the net loss of $104.6 million it reported one year earlier, although the company said $2 billion of the costs were due to a one-time stock-based compensation tied to its initial public offering in March. An estimated 8 million new Snapchat accounts were created in the last quarter, the slowest user-growth quarter yet.
GCC leaders' summit begins in Saudi Arabia
Today president Trump will meet with the Chief of States, or their representatives of 56 states with muslim majority. Secretary of State Rex Tillerson represented the American side during the exchange of MoU between the two.
"These changes allow us to continue evolving the Snapchat service and provide a foundation for introducing even more creative tools for making fun Snaps", the company noted in a blog post yesterday. Meanwhile, the company has been burning fuel, losing $2.2 billion in the quarter on revenue of $150 million. This is three times what it was at the same time a year ago but with a sharp decline from the previous quarter.
It's bad, but not unprecedented, reports the Los Angeles Times, noting Facebook stock fell 10% and Twitter stock fell 22% following the first quarterly earnings report after an IPO. Facebook was similar in 2012, with costs of $1.3 billion. Analysts are expected to closely watch what other news emerges in Snapchat's first earnings call today. The company's "man-child CEO" is the "most frightening issue for investors in its shares", who "have no recourse but to pay the tuition for the CEO's on the job training", he writes at Forbes, also citing Snap's "undisciplined growth strategy". "Facebook has released a series of Stories-like products throughout the past year, including Instagram Stories, Facebook Stories, WhatsApp Status and Messenger Day".
However by that time, Facebook's users were already 552 million or over three times the number of Snapchat.
Trump and King Salman on Saturday signed a "strategic vision" agreement to intensify ties in defence, economics and other areas. President Trump will be addressing a summit of regional leaders on the second day of his first official trip overseas .
The Philippines can not ally with China because China wants to grab for itself the West Philippine Sea and the Spratlys. China and the Philippines are trying out a new system to help them solve territorial disputes in the South China Sea .
El-Sisi is set to deliver a speech on Sunday as part of the summit schedule, according to presidency spokesman Alaa Youssef. Associated Press writers Vivian Salama, Ken Thomas and Jill Colvin in Washington contributed to this report .
Now, U.S. officials are expanding the rule to all U.S. -bound flights from anywhere in Europe, the Daily Beast reported Wednesday. DHS officials will also be meeting up with airline industry executives to discuss how to take things forward.
Revelations about Flynn's talks with Russia's ambassador stirred great concern, especially since Flynn was not upfront about it. Comey. "He was insane , a real nut job", the Times reported that Mr Trump said during the May 10 meeting.
Prince William, Duke of Cambridge, and Prince Harry were seen walking around the church shortly before the ceremony. Pippa's sister Kate, the Duchess of Cambridge , will be there with her husband, Prince William , and Prince Harry .
That show was the more traditional, three-ring circus, while the one performing this weekend has a narrative storyline. Feld executives say declining attendance combined with high operating costs are among the reasons for closing.
If they can get all three points at home against relegated Middlesbrough , they'll be assured of a Champions League spot. During the period when we had to pay the Emirates Stadium off, the income of the Champions League was absolutely vital.
La jeune femme accompagne Donald Trump dans son premier déplacement officiel à l'étranger depuis son investiture . Au début de sa campagne, il avait proposé de fermer purement et simplement l'accès aux Etats-Unis aux musulmans.
Washington et Riyad signent un contrat astronomique
A sa descente d'avon, il a été accueilli avec tous les honneurs et personnellement par le roi Salman d'Arabie. Michelle Obama était elle aussi apparue cheveux au vent, refusant de se prêter aux coutumes saoudiennes.
Hanford crews work overnight to begin tunnel repairs
Hanford, which is roughly half the size of Rhode Island, spent decades making plutonium for the nation's nuclear weapons arsenal. The anti-nuclear group Beyond Nuclear said the incident helped show "radioactive waste management is out of control".
West Ham, Everton eye Iheanacho
A City insider is quoted by the publication as saying: "Everton have shown an interest in Kelechi, who has been frustrated with a lack of game time this season".
Donald Trump's first foreign trip clouded by Russia probe
That flies in the face of the White House's public insistence that Comey's dismissal was not linked to his ongoing investigation. Trump's investigation in light of the rapid-fire sequences of events taking place since Comey's firing more than a week ago.
James Comey's father defends son, blasts Trump as 'nuts'
Rosenstein said that though he was personally fond of Comey, "I thought it was appropriate to seek a new leader". No...next question". "My memorandum is not a statement of reasons to justify a for-cause termination", he said.
Prime Minister Sheikh Hasina in Saudi Arabia
The two were overheard discussing natural resources and arms, and Salman bemoaned the destruction caused by Syria's civil war. Ivanka's presence dominated Arabic Twitter traffic, with the phrase "bint Trump" - Arabic for daughter of Trump - trending.