Snap plunged more than 15% in after-hours trading after CEO Evan Spiegel announced a major revenue miss
Question:
Snap plunged more than 15% in after-hours trading after CEO Evan Spiegel announced a major revenue miss in the company’s third quarter. It’s the latest bad news for the firm facing intense competition from Facebook, and who’s Spectacles — which added $40 million to the company’s losses — were a flop. On the bright side: Chinese giant Tencent sees the company’s woes as a buying opportunity, announcing today that it would take a 10% stake. Spiegel also said yesterday that the company would redesign its core product, in the hopes of making Snapchat easier to use (and easier for advertisers to understand, as it fights for ad dollars). Share your thoughts: #SnapTroubles
What do you think this means for Snapchat??
College Accounting
ISBN: 978-1111528126
11th edition
Authors: Tracie Nobles, Cathy Scott, Douglas McQuaig, Patricia Bille