File this one away under ‘Completely Obvious…’
Last night the parent company of Snapchat reported a quarterly loss of more than TWO BILLION dollars.
Snapchat, of course, is the photo-focused social networking app that’s adored by tweens and adults who still live with their parents.
(Talk about a lucractive demographic.)
The company IPO’d just a few months ago with a market capitalization of $30+ billion despite slowing growth and a history of never turning a profit EVER.
According to the company’s quarterly report its finances have gone from bad to worse.
Operating cashflow dropped from negative $92.5 million to negative $155 million; and its total loss for the quarter including stock-based compensation was $2.2 billion.
This post was published at Sovereign Man on May 11, 2017.
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