Shares tumble as Snap Inc. whiffs on earnings and user growth

Snap is having a very rough go of it. The Snapchat parent reported revenue of $207.9 million, compared to $128.2 million in Q3 of 2016. But analysts had projected that Snap would take in $237 million. All told, the company’s net losses amounted to $443.2 million. Snap also underperformed when it came to user growth. The company added 5 million monthly active users during the quarter – significantly fewer than the 8 million that Wall Street had predicted. CEO Evan Spiegel told investors that the underwhelming revenue numbers were the result of “dramatically reduced pricing” for Snap’s new programmatic ad units. The company’s shares took a beating after the announcement, falling by over 17% in after-hours trading.

Related Stories

Conan O’Brien hustles to get his Haiti story

Conan O'Brien hustles to get the Haiti story

Conan O’Brien’s Conan Without Borders trip to Haiti, announced right after President Trump reportedly made disparaging remarks about the island nation, will air as a primetime special Saturday, January 27 at 10p on TBS. Someone’s in a hurry – O’Brien just landed in Haiti yesterday. It’s the shortest time ever between the filming and airing […]

Freeform prepping to serve Party of Five

Freeform prepping to serve Party of Five

An immigration-themed reboot of 1994-2000 family drama Party of Five landed a put pilot commitment from Freeform. The new version, from original series creators Chris Keyser and Amy Lippman and Sony Pictures Television, follows the five Buendias children after their parents are suddenly deported back to Mexico.

NBA All-Star’s Walk of Fame

NBA All-Star's Walk of Fame (Facebook)

The 67th NBA All-Star Game will once again pit LeBron James versus Stephen Curry, who have been named team captains after finishing as the All-Star starter from each conference who received the most fan votes in his conference. Team LeBron vs. Team Stephen will take place on Sunday, Feb. 18 at 8p on TNT and […]

Facebook sets sights on new arena

Facebook's sets sights on new arena (Facebook)

ESL announced that the world’s top Counter-Strike: Global Offensive competition, CS:GO Pro League will now run exclusively to Facebook in 2018. In partnership with WESA, the deal kicks off with the upcoming Season Seven starting Feb. 13 and run for four seasons of Pro League, through December 2019. ESL will also broadcast one of its […]

Ellen Pompeo strikes a rich new deal with ABC Studios

A big deal for Ellen Pompeo

Grey’s Anatomy’s Ellen Pompeo (Grey’s Anatomy) signed a new 2-year deal with ABC Studios, paving the way for a renewal of the medical drama for seasons 15 and 16. As part of the agreement, reportedly worth $20 million per year, Pompeo becomes a producer for Grey’s and a co-exec producer on its upcoming untitled spin-off.

CynCity

Cynsiders

Instagram