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Snap plunges 25 percent in after-sales after disappointing quarterly results. The company reports a turnover of just under NOK 9 billion – an increase of 57 percent.
It is still weaker than expected. The company falls more than 25 percent in aftermarket.
The 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 states that they had 306 million daily users in Q3 – an increase of 57 million daily users from the same time in 2020
According to CNBC, Snap founder Evan Spiegel warned earlier this year that problems with global value chains and a shortage of labor could create problems for the company.
According to CNBC, Snap CEO Derek Andersen warned that changes in Apple’s privacy rules, problems with value chains and a shortage of labor could give the company a drop in revenue in the fourth quarter.
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Spiegel is nevertheless optimistic and says that although it is demanding to predict the way forward, the growth in users, new products and platforms and an underlying efficiency in the advertising tool Snap gives self-confidence.
Günder-smell
The fact that the share falls from 75 to 57 dollars a share, means a paper loss of 7.2 billion kroner for Snap founder Evan Spiegel.
Spiegel owns about 46.3 million shares in the company. The stock market crash in after-trading means that he had to see the value of his shares fall from NOK 28.5 billion to just under NOK 22 billion.
At the time of writing, Spiegel ranks 55th on Forbes’ list of the world’s 400 richest people.
Facebook and Twitter are falling
Both Facebook and Twitter are falling in the aftermath today. 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 want you to share our cases using a link, which leads directly to our pages. Copying or other use of all or part of the content may only take place with written permission or as permitted by law. For additional terms look here.
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