Kylie Jenner just used Twitter ( TWTR ) to wipe $1.3 billion off the market value of Snapchat-parent Snap ( SNAP ).
The social media company's shares fell as much as 7,2 percent Thursday after the reality TV star posted a tweet to her 24.5 million followers effectively declaring Snapchat over. "[S]ooo does anyone else not open Snapchat anymore? Or is it just me... ugh this is so sad," she wrote.
Social media darling SNAP Inc.’s ( SNAP ) shares plummeted nearly 25% in after-hours trading Wednesday, following the company’s first earnings report where it conveyed devastating misses on both earnings per share and revenue.
Snap’s revenue for the first quarter of 2017 came in at $149.65 million, below analysts' expectations of nearly $158 million. The company’s net loss grew to $2.21 billion, with a loss per share of $2.31. Analysts expected a loss per share of just $0.19.
Facebook couldn’t buy Snapchat, but it can afford to build its own. That is making Snapchat parent Snap Inc. look vulnerable.
Facebook said Tuesday it is launching three new features on its main app that mirror key features of the Snapchat messaging app, including the ability to create a disappearing photo-and-video montage, a more accessible camera with filters and a direct-messaging option for photos and videos.
Short sellers pounced on "camera company" Snap's ( SNAP ) newly public shares on Tuesday.
And for the parent company of disappearing photo-texting service Snapchat, the results were ugly: Shares fell nearly 10 percent to bring the total peak-to-trough drop from Friday's ebullient post-IPO high to nearly 30 percent.
Investors are still eager to snap up shares in Snap.
Snap ( SNAP ) , the parent company of Snapchat, jumped 20% in early trading Friday, rising above $29 a share. The stock surge comes after Snap ended its first day of trading Thursday up 44% over its IPO price.
Last Updated Mar 2, 2017 12:10 PM EST
Snapchat parent Snap Inc. ( SNAP ) saw shares in its initial public offering soar 44 percent on its first trading day Thursday, opening at $24 a share from a Wednesday night price of $17. The stock breached the $25 mark, then closed the day at $24.48.
Earlier this week, Simon Chiu watched Snapchat's team put on an IPO presentation for investors in San Francisco. He was surrounded by investment bankers from firms like Morgan Stanley and Goldman Sachs.
"It was a little bit of fish out of water for me," Chiu told CNNTech. "I'm an educator. It's not what I do."
Millennials, those 14 to 35 years old, may be as exuberantly hyped a demographic as any in recent memory.
Investors, attracted by Snapchat’s hold on its millennial users — who check the app on average more than 18 times a day — flocked to the initial public offering, pushing the parent company, Snap Inc., to a valuation of nearly $24 billion.
Mark Zuckerberg says he created Facebook Inc. to make the world more open and connected. Twitter Inc. says it wants to give everyone the power to share ideas instantly.
Snap Inc., which this week could become the biggest technology public offering in years, is the unsocial social-media company.
WhatsApp’s 1.2 billion users will soon find a new feature that looks like it came straight from Snapchat. The Status tool will let people share photos, videos and animated GIFs with friends, all of which will disappear after 24 hours.
Snapchat has had a feature like this, dubbed Live Stories, since 2014.
Snap Inc. plans to list its highly anticipated initial public offering on the New York Stock Exchange, in a big competitive victory for the Big Board.
The NYSE is expected to prevail over Nasdaq in a battle to woo the Snapchat parent, which is planning to go public as early as March, people familiar with the matter said.
It appears Snapchat is about to join the ranks of Facebook as a publicly-traded tech company.
Snap Inc., Snapchat's parent company, has reportedly confidentially filed paperwork for an IPO. The news was first reported by Reuters.
NEW YORK Social media app Snapchat is introducing video-recording sunglasses called Spectacles and is changing its company name to incorporate the new product.
The glasses can record video 10 seconds at a time by tapping a button on the device. The video is then uploaded automatically to the popular image-messaging app via Bluetooth or Wi-Fi. The glasses are the first hardware from the Los Angeles-based company.