Snap fell 25 percent in after-sales services after disappointing quarterly results. The company reports a turnover of just under NOK 9 billion – an increase of 57 percent.
Still weaker than expected. The company lies more than 25 percent in after-sales services.
Adjusted operating profit before depreciation and amortization ended at NOK 1.4 billion. Up from NOK 986 million in the same quarter last year.
The company reports that it had 306 million daily users in the third quarter — an increase of 57 million daily users over the same time in 2020.
According to CNBC, Snap founder Evan Spiegel warned earlier this year that global value chain problems and labor shortages could create problems for the company.
According to CNBC, Snap CEO Derek Andersen warned that changes to Apple’s privacy rules, issues with value chains and labor shortages, could lead to a decline in the company’s revenue in the fourth quarter.
However, Spiegel is upbeat and says that while it claims to forecast the way forward, the growth in users, new products and platforms and the core competency of the Snap ad tool is giving self-confidence.
The fact that the stake fell from $75 to $57 per share, means a paper loss of 7.2 billion crowns for Snap founder Evan Spiegel.
Spiegel owns approximately 46.3 million shares in the company. The post-trading stock market crash meant he had to see the value of his shares drop from NOK 28.5 billion to just under NOK 22 billion.
At the time of writing, Spiegel is ranked 55th on Forbes’ list of the 400 richest people in the world.
Facebook and Twitter down
Facebook and Twitter are both falling back on the heels of the day. The former is down 5.5 percent, while Twitter is down 4.25 percent.
According to CNBC, this may be a sign that investors fear similarly disappointing results for the social media giants.(Terms)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.
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