Shares of the company fell more than 24 percent to $17.39 after the first quarterly earnings report since Snap's red-hot initial public offering in March.
To say that Wall Street was disappointed in the first earnings report of Snap Inc., the parent company of the app Snapchat, might be an understatement, as the company reported a $2.2 billion loss and lower than estimated revenue.
Analysts surveyed in advance by Yahoo Finance expected Snap to post losses of 19 cents per share on $157.98 million in revenue.
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. Mark Zuckerberg would later call Facebook's first year as a public company "extremely turbulent" but also said going public was a "valuable process" that helped him get to know his company much better than he did before.
Following Snap'sdisastrous earnings release last night, Snap CEO Evan Spiegel implied that his company would win the competition for disappearing messages in the way Google won search.
A survey of more than 3,000 people in the USA revealed consumer confidence in SnapChat was low, with 62 percent claiming they expect a SnapChat alternative to be released to which they will switch. Snap lost $2.31 per share in the first quarter, compared with 14 cents a year ago.
Snapchat, however, has already been more than eclipsed by Instagram Stories. However, revenues were slightly higher than Street expectations at $149.6 million.
While the company did see revenue losses, it also saw an increase in daily active users. Snap calculates its ARPU as quarterly revenue divided by the average Daily Active Users. These features aren't what many users go to Snapchat for. The company recently introduced a new feature, New World Lenses, that lets users add 3-D augmented-reality objects, often referred to as "stickers", to their Snapchat posts. Facebook has launched several clones of Snapchat Stories, including Messenger Day, WhatsApp Status, and Facebook Stories.
However, a source told Us Weekly that the former "American Idol" contestant has already signed on for a place on the panel. Perry said jokingly and with a smile, "Judge not, lest you be judged", referring to her new role on the show.
The number of infections has fallen dramatically since Friday's peak when more than 9,000 computers were being hit per hour. The malicious software was transmitted via email and stolen from the National Security Agency, reports the New York Times .
Alexa will be able to hear all voice commands, as long as its woken up by saying, " Alexa ", "Amazon", "Echo" or "Computer". Just like the past Echo products, the Echo Show will come with Amazon's virtual, voice-activated assistant, Alexa .
Despite reports that Mr Trump is dreading this trip, his administration says he is eager to press the agenda he campaigned on. It's also unclear how Keith's songs about drinking will be received in Saudi Arabia, a nation where alcohol is banned.
She said she should have paid more attention and been involved with the dealings of her professional and personal finances. Both pleaded guilty after their federal indictments for misusing the charity's funds, and testified against Ms.
The initial ban on passengers bringing large electronics devices into the cabin hit hardest at Middle Eastern airlines . The airline industry had previously said the proposal would cost travellers over billion dollars in lost time .
Qasemi, echoing Iran's official stance, said Iran's ballistic missile program was no breach of the nuclear deal. By ratifying the plan, Iran agreed to scale down its nuclear activities in exchange for sanctions relief.
According to the Observatory, IS attacked several government-held villages in the area on Thursday, capturing parts of them. The Syrian Observatory for Human Rights also said the strike destroyed vehicles and killed eight militiamen.
Japan's Nikkei 225 Stock Average slid 0.5 percent, a day after the equities benchmark came within 2 points of topping 20,000. The major USA stock indexes fell 1.8 percent or more, and the Dow Jones Industrial Average was off 372 points.
According to Finviz reported data, The SMA20 of the stock is at 2.01 percent, SMA50 is 4.71 percent, while SMA200 is 13 percent. TRADEMARK VIOLATION WARNING: " Rite Aid Co". 01/06/2016 - Rite Aid Corporation was downgraded to " by analysts at Evercore ISI.
On Wednesday, Trump said no politician in history "has been treated worse or more unfairly" than himself. Comey's performance at a May 3 congressional hearing also played a role in his dismissal, Trump said.
Iran preparing for peaceful election in insecure region
Vetted by the Guardian Council, initially six candidates qualified to compete in Iran's 12th presidential election. The deal saw Iran limit its enrichment of uranium in exchange for the lifting of some economic sanctions.
Senate Intelligence Committee requests Comey memos
The Congressman said that his call for impeachment is a position of conscience for him and asked the American people to speak up. President Trump said: "No politician in history, and I say this with great surety, has been treated worse or more unfairly".
Gold at 2-week peak as Trump turmoil hits dollar, US yields
Gold prices could still recover to register a positive trading session by day's end, keeping its current run of success alive. Gold prices pared gains as the USA dollar came off its lows and US 10-year Treasury yields bounced up from a 1-1/2-week low.
Supernatural and Scooby-Doo Crossover Coming Next Season!
How will they land in Scooby-Doo's world and more importantly, how will the Supernatural characters get back to their own realm? Fans will have to keep an ear out for the announcement of when " Supernatural " season 13 will make its fall premiere.