The Federal Trade Commission on Monday voted to issue orders to nine major internet platforms requiring information about how they handle data for a new study. The orders, which do not implicate any legal wrongdoing, were sent to Amazon, ByteDance (the parent company of TikTok), Discord, Facebook, Reddit, Snap, Twitter, WhatsApp and Youtube. The agency is requesting information about how the platforms collect, use, track or estimate personal and demographic information.
Snap’s stock price initially plunged more than 11% after hours then moderated to a smaller decline as investors digested positive user and revenue growth on Tuesday after the company reported its second-quarter earnings.
Snap announced Thursday that it is planning to raise up to $750 million through a private debt offering. CEO Evan Spiegel says that the “proceeds from this offering will further bolster our balance sheet which will allow Snap the flexibility to continue to invest in the long-term growth of our business, even if challenging conditions continue.”
Snap Inc. on Tuesday said it will raise $1 billion in short-term debt and plans to invest in more media content, augmented reality features and may also buy other companies.
The Snap Audience Network allows advertisers to reach a larger group than by advertising on Snapchat alone.
Snap Inc. said Chief Financial Officer Tim Stone is leaving to pursue unspecified opportunities. He had joined Snap just eight months ago after two decades at Amazon.
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Snap Inc. has pinned its hopes on the over-35 crowd to revive user growth for its photo messaging app, a shift ad buyers say could backfire, warning that wooing older people to Snapchat, known for disappearing messages and cartoon selfie photo filters, could alienate its cult following of youngsters.
The U.S. government is investigating whether Snap Inc. manipulated its $3.4 billion initial public offering. Snapchat’s parent company revealed Wednesday that the Department of Justice and the Securities and Exchange Commission have subpoenaed the company about potentially misleading claims it made in its March 2017 filing.
Imran Khan, Snap’s chief strategy officer since 2015, is leaving “to pursue other opportunities.” Khan, a former banker who is viewed as CEO Evan Spiegel’s right-hand man, is leaving as the company’s stock is at an all-time low.
In some much-needed good news for Snap, the messaging giant said it added more users than expected during fourth-quarter 2017. From the third quarter to the fourth, Snap’s flagship Snapchat app increased daily active users from 178 million to 187 million.
Snap has told Snapchat shows partners that it plans to bring in more programmatic ads after struggling to fill space inside the programming. According to three sources, including two media executives who have aired shows on Snapchat Discover and one ad buyer who has knowledge of Snap’s plans, Snap plans to inject more programmatic ads within Snapchat shows.
Snapchat has turned to NBCUniversal for help making its first big push into scripted programming. The app’s parent company, Snap Inc., has struck a deal with NBCU to form a joint venture that will develop and produce new shows for Snapchat. The deal comes seven months after NBCU invested $500 million in Snap’s IPO and a little more than a year after the two companies first partnered to produce original programming for the app.
Three of Snap Inc.’s top executives sold their first batch of company shares, picking up an estimated $9.3 million, according to federal disclosures. Employees at the Snapchat maker became free Monday to sell shares awarded through options or other compensation plans.
The social media company reported worse-than-expected quarterly results on Thursday, with a loss that was steeper than expected and revenue that missed estimates, as it added fewer users than Wall Street anticipated. Snap added 7 million daily users during the second quarter — a slower rate than the 8 million added in the first quarter. Its shares fell more than 17% to around $11.40 in after-hours trading, below the all-time intraday low of $11.91 set during regular trading on Aug. 3.
Time Warner Inc. will invest $100 million in producing TV-like shows and advertising on Snap Inc. over the next two years, in a push by the the media giant to reach young audiences on the social network, according to a person familiar with the matter. The deal will see Time Warner make shows for Snapchat in a range of genres, including scripted dramas, comedies and documentaries, according to a statement from both companies. Time Warner’s properties like HBO, Turner and Warner Bros. will also invest in advertising on Snapchat.
Snap has more than its share of skeptics and critics. And if its stock price is any indication — Snap shares are now trading near their IPO price — it’s not come close to quieting them. One group Snap has yet to win over is the marketing industry. A mere 7% of marketers said they used Snapchat in the first quarter of 2017, according to a recent Social Media Examiner survey.
Snap officially launched its self-service Ad Manager on Monday. The new platform boasts several features tailored for smaller brands, including auction buying and the ability to pay for ads with a credit card rather than a credit line. In Ad Manager, there is also no minimum dollar amount that businesses must spend. As part of a broader ad push, Snap also unveiled a Certified Partners program — offering advertisers help in planning, executing and improving their Snapchat ad buys.
Snap Inc. acquired Placed, a startup that measures the offline success of digital advertising campaigns, for about $125 million, according to people familiar with the matter. Including stock payouts, the full value of the deal could exceed $200 million, said two other people with knowledge of the deal, who asked not to be named because the terms aren’t being disclosed. The acquisition will help Snap expand its efforts to show that ads on its photo and video-sharing app Snapchat are driving users to stores.
Snap Inc. reported a massive loss and a continued slowdown in user growth, while revenue fell below Wall Street’s expectations in its first quarterly earnings as a public company. Wednesday’s results come just a week after Facebook reported solid first-quarter results, with double-digit revenue growth — as it has consistently since its initial public offering in 2012.
Technology companies and banks helped drive stocks higher Monday. Tech companies have set the pace all year and are up more than twice as much as the rest of the market. Apple and Facebook, which will report their first-quarter results in the next few days, helped lead the way.
Snap priced its initial public offering of 200 million shares at $17 each last week. Shares opened at $24 apiece Thursday and jumped 44% on its first trading day. This week is a different story: After tumbling 12% Monday, shares of Snap Inc. fell another 11% in early trading Tuesday, to $21.10.
NBCUniversal deepened its involvement in digital media by making a $500 million bet on Snap — owner of Snapchat — buying shares at $17 apiece before they became available for public trading on Thursday. The Comcast unit was the only U.S. media company involved as a strategic investor in Snap.
Shares of Snap Inc. jumped $7.58, or 44%, to close at $24.48 on Thursday. The company had priced its initial public offering of 200 million shares at $17 each on Wednesday. That was above the expected range of $14 to $16.
NEW YORK (AP) — The company behind Snapchat is trading sharply higher in its Wall Street debut. Snap Inc. jumped $7, or 41 percent, to $24 a share. It had priced its initial public offering of 200 million non-voting shares at $17 each on Wednesday. That’s above the expected range of $14 to $16. Snap’s […]
Snap Inc. passed its first major test on Wall Street on Wednesday as it priced its initial public offering of 200 million shares at $17 each. That is above the expected range of $14 to $16 and values the Los Angeles company at $24 billion. Snap’s IPO is one of the most anticipated for a technology company since Twitter’s stock market debut in 2013.
Reimagined content from Discovery properties and exclusive Snapchat content highlight the new programming agreement.
Snap Inc. has forged a content partnership with A+E Networks to develop the first unscripted reality series for Snapchat Shows. It’s called Second Chance, a bit of melodrama involving “emotional exes” confronting each other. But the takeaway is that Snap is clamoring to show it really is a $25 billion business leading up to its IPO in a flurry of new content relationships announced this week.
The app’s parent, Snap Inc., which appears to be on the cusp of an IPO, wants TV advertisers to think about it as mobile television and spend their money accordingly. It has formed a partnership with Nielsen’s mobile Digital Ad Ratings unit, giving brands the ability to buy guaranteed Snapchat audiences by age group and gender. For the most part, it’s the same kind of system — from ordering to measuring the results — that marketers are accustomed to with Nielsen’s TV offerings.
Though Snapchat has overtaken Twitter in terms of daily users to become one of the most popular social networks in the world, it has not attracted the media attention that the 140-character platform earns, perhaps because journalists and presidential candidates don’t use it very much. But in many ways, Snapchat’s parent, Snap Inc., has quietly become one of the world’s most innovative and influential consumer technology companies.
Snap Inc., the new corporate nom de guerre for the Snapchat app’s maker, is prepping an IPO targeted as soon as late March that could value the company upwards of $25 billion, insiders say. The Wall Street Journal reports if that number holds, it would represent a significant addition to the company’s most recent valuation of $17.8 billion in May. WSJ subscribers can read the full story here.