The company’s losses ballooned to over $2.2 billion, but most of those were one time expenses related to stock bonuses paid out after a successful IPO. CEO Evan Spiegel got a sweet $750 million on his own. But even if you ignore that massive hit, Snap’s losses basically doubled. It burned through $104 million in cash in the first quarter of 2016, and lost $208 million during the first three months of 2017.
Stock down 25% in trading post earnings announcement. Ouch.
Snap Inc’s major product, Snapchat, remains a nightmare experience in user interface design. It’s had all of its redeemable functionality completely ripped off and implemented better in larger eco-systems like Facebook’s Instagram and it’s now flailing when it comes to user growth.
Source: Snapchat is losing twice as much money as it did last year – The Verge