Chinese powerhouse Tencent now owns 12pc of Snap

11 November, 2017, 02:16 | Author: Becky Perry

Snapchat's stock price has plummeted after the company's third quarter 2017 financial release showed it added only 4.5 million users and almost quadrupled its losses from 2016. For the third quarter, Snap lost $443.2 million, or 36 cents a share. "One thing that we have heard over the years is that Snapchat is difficult to understand or hard to use, and our team has been working on responding to this feedback", Speigel said. The tech firm, which also had lower than expected revenue and user growth, said it would make the app easier to use following the revelations.

Average revenue per user rose to $1.17 in the quarter, from 84 cents a year earlier, but missed analysts' average estimate of $1.30.

It's a big negative for Snapchat's first foray into the world of wearables, but the statement didn't share any information on whether the company will be trying again with a second generation of Snapchat Specs.

"We don't yet know how the behavior of our community will change when they begin to use our updated application", he stated.

"I guess we're just not afraid to make changes in the long-term interest of the business", Mr. Spiegel said on the call. Tencent has had a good relationship with Evan Spiegel, according to GBH Insights' chief strategy officer.

CMPD charges retired Navy vet with murder of Va. teen Ashanti Billie
Ashanti's parents, who are both Army veterans, say they are grateful for the arrest, but her mother says she's also angry. They said Brown came to the restaurant almost every day and had been seen flirting with the teen on several occasions.

The auction system hit revenue in the short term but "builds the foundation for long-term scalable revenue", Mr Khan said in written remarks.

The company brought in $207 million in revenue for the third quarter, up 62 percent over the same period a year ago. Other problems that the company has grappled with include overestimating demand for its Spectacles camera-equipped sunglasses, a once-hot product whose sales cooled rapidly.

In a filing with the Securities and Exchange Commission, Snap said that Tencent and its affiliates had "recently acquired" 145.8 million nonvoting shares through purchases in the open market.

Snapchat, popular among millennials for the bunny faces and floral tiaras that can be added to pictures, allows users to chat through a series of disappearing photos and videos. But do we need another Facebook, given the big blue app has over 2 billion users and is showing no signs of slowing down? "We hope that showing the right Stories to the right audience will help grow engagement and monetization for our partners and for Snapchat".


  • Veterans Day deals and freebies

    Veterans Day deals and freebies

    Cheese's will be offering one free personal pizza to all active and retired military members at participating stores nationwide. Killington Resort, Vermont: Active duty, retired and honorably discharged military members can ski for free Saturday, Nov. 11.
    Veterans Day Parade to step off

    Veterans Day Parade to step off

    Since Veterans Day is on a Saturday this year, many events are being held on Friday - with some continuing throughout the weekend. Food and drinks, live entertainment and kid-friendly activities will also be featured at the celebration .
    Nicki Minaj's brother sentenced to prison for child rape

    Nicki Minaj's brother sentenced to prison for child rape

    The prosecutor told the jurors it will be up to them to determine whether the testimony of the two children was credible. Her brother, a witness, testified that Maraj threatened to have him removed from his family if he spoke about the abuse.
  • Former Facebook Executive Says Social Media Exploits Human 'Vulnerability'

    Former Facebook Executive Says Social Media Exploits Human 'Vulnerability'

    His role in the creation of Facebook was portrayed by Justin Timberlake in the 2010 movie The Social Network . His stint at Facebook was shortlived, resigning from the site in 2005 after a cocaine scandal.
    Eminem and Beyonce's new song 'Walk on Water' has people going nuts

    Eminem and Beyonce's new song 'Walk on Water' has people going nuts

    If you listen closely, you can hear the sounds of Eminem writing and ripping up paper in the background. Now the "Rap God" is ready to walk on water for his ninth studio album.

    Sensex ends 64 points higher; Nifty settles at 10322

    BSE metal and BSE oil and gas posted losses to the tune of 1.55% and 1.30%, respectively. This is its weakest closing level since October 31, when it had ended at 33,213.13.
  • Popular teen app sells for reported $800 mil

    Popular teen app sells for reported $800 mil

    The lab's mission is to develop machine-learning algorithms for personalized content recommendations. This summer, Reddit raised $200 million in new funding , giving it a valuation of $1.8 billion.
    Conor McGregor Shoves Ref, Slaps Security Guard At Bellator Event

    Conor McGregor Shoves Ref, Slaps Security Guard At Bellator Event

    UFC lightweight champion Conor McGregor was in Dublin's 3Arena on Friday night to show support for his teammate, Charlie Ward . McGregor, 28, twice pushed Goddard and needed to be restrained multiple times while attempting to chase after him.
    Charlie Sheen Denies Corey Haim Sexual Assault Allegation

    Charlie Sheen Denies Corey Haim Sexual Assault Allegation

    Tragic actor Corey Haim's mother has shot down reports suggesting her late son was raped by Charlie Sheen when he was a teenager. Oz released a clip of his interview with Haim's mom Judy (above) who says Sheen is NOT the person who abused her son.
  • Donna Brazile slams Jake Tapper in her new book for 'betraying' her

    Donna Brazile slams Jake Tapper in her new book for 'betraying' her

    He added, "I'll put it all in there but it should have never been a close race". "I did it because I love Hillary", she said. She wrote that she had settled on a ticket of Vice President Joe Biden and Sen Corey Booker, if the change became necessary.
    NVIDIA Corporation (NVDA) Hits New 52-Week High on Strong Earnings

    NVIDIA Corporation (NVDA) Hits New 52-Week High on Strong Earnings

    Considering that the stock daily volume of 24.46 million shares, this represents a pretty noteworthy trading in volume size. The ex-dividend date is Friday, November 17th. "Industries across the world are accelerating their adoption of AI", he said.
    Russian parliament mulls response to United States  move on RT

    Russian parliament mulls response to United States move on RT

    Simonyan said on RT's Russian-language website that "between such consequences and registration as a foreign agent, we are forced to choose registration".


Thousands of immigrants are losing their DACA protections already
A spokesperson for the US Capitol Police said 15 adults were arrested during the protests, according to the Washington Post . Of the 155,000 people who were eligible to apply in the six-month window, about 133,000 did file applications on time .

President Duterte Claims He Stabbed Someone to Death at 16
He said on Wednesday that if Agnes Callamard, the United Nations special rapporteur on extrajudicial, summary or arbitrary executions, investigates him for the killings, "I will slap her in front of you.

Weekend weather: Just how cold will it get?
A little warmup on Sunday with temperatures back in the upper 40s and a chance for rain showers by Sunday evening. The forecast is calling for a brisk Friday with a high temperature of 41 degrees and sunny skies.

Caitlyn Jenner: I cross-dressed with Kris before we Wednesday
During a Q&A at The Cambridge Union Monday, Caitlyn opened up about her family's reaction to her book " The Secrets of My Life ". We can only imagine how awkward Kendall's birthday must have been for Caitlyn, but she sucked it up for her sake.

UCF strength of schedule hinders move up in College Football Playoff rankings
Notre Dame is trying to hang on to its top-four CFP ranking, while Miami hopes to take yet another step in that direction. One question surrounding the Badgers and their rights to the College Football Playoff has been their lack of competition.

Pickford, Loftus-Cheek and Abraham debut for England against Germany
I had Gareth in charge for almost three years at the Under-21s and the boys have been great. And Jenas thinks the 21-year-old will become more confident with more game-time.

Olympian Aly Raisman Claims Gymnastics Physician Sexually Assaulted Her At 15
Nassar's case was part of a wide-ranging scandal which forced the resignation of USA Gymnastics chief Steve Penny previous year . The federation also adopted several recommendations by Deborah Daniels, a former federal prosecutor who oversaw the review.

Broadband users set for automatic compensation for poor performance
In addition, if an engineer doesn't turn up to an appointment or cancels less than 24 hours before, then you will get £25 back. Your new landline or broadband service is not up and running on the day promised.

Duncan woman receives deferred sentence for marriage to biological mother
She reportedly said her mother assured her she had received legal advice that indicated it was not a crime for them to Wednesday . Investigators told KFOR that 43-year-old Patricia Spann lost custody of Misty, 26, and two other children when they were young.

China's Biggest Shopping Event: What Is Singles Day?
As of this writing, Jiang Xiao Bai is offering 28 limited sets of a "lifetime supply" of baijiu for ¥11,111 ($1,672). The first year did only $7.5 million in sales, but just five years later, that record was broken in 12 hours.