Snapchat parent Snap Inc. beat Wall Street estimates across the board with its first-quarter results, sending shares of the social networking company surging in after-hours trading.
The company reported a 39% increase in revenue over the prior-year period, to $320 million. Its loss per share narrowed to 10 cents, ahead of analysts’ expectation of a 12-cent loss per share.
Investors latched onto one key stat, though: daily active users. The metric reached 190 million in the quarter ending March 31, which is higher than the 186 million of the fourth quarter but down a bit from the 191 million in the year-ago period, though it broke a three-quarter slump of sequential declines. Analysts had forecast 187.2 million users.
The company’s long-beleaguered stock, which bottomed out last December at just $4.82 a share, gained 4% during the regular trading session today to close at $11.99. After the earnings news, it climbed as much as 10% in after-hours trading.
Following a strong fourth-quarter earnings report in February,...
The company reported a 39% increase in revenue over the prior-year period, to $320 million. Its loss per share narrowed to 10 cents, ahead of analysts’ expectation of a 12-cent loss per share.
Investors latched onto one key stat, though: daily active users. The metric reached 190 million in the quarter ending March 31, which is higher than the 186 million of the fourth quarter but down a bit from the 191 million in the year-ago period, though it broke a three-quarter slump of sequential declines. Analysts had forecast 187.2 million users.
The company’s long-beleaguered stock, which bottomed out last December at just $4.82 a share, gained 4% during the regular trading session today to close at $11.99. After the earnings news, it climbed as much as 10% in after-hours trading.
Following a strong fourth-quarter earnings report in February,...
- 4/23/2019
- by Dade Hayes
- Deadline Film + TV
Snap forced out two senior executives following an internal investigation into an alleged inappropriate relationship involving an outside contractor, the Wall Street Journal reports.
The company fired Francis Racioppi, its head of global security, after an investigation into his relationship with a contractor, the Journal reported, citing sources. Racioppi allegedly had an affair with a woman, whom he hired, then terminated her contract once the relationship ended, according to the report.
Snap’s head of human resources, Jason Halbert, also announced plans to leave the company this week. Although he wasn’t directly involved in the situation he recruited Racioppi, who reported to him, according to the Journal.
Racioppi told the journal he had done nothing wrong and planned to hire an attorney to challenge the findings. The company declined Deadline’s request for comment.
The departures mark the latest in a wave of executive exits from the ephemeral messaging company.
The company fired Francis Racioppi, its head of global security, after an investigation into his relationship with a contractor, the Journal reported, citing sources. Racioppi allegedly had an affair with a woman, whom he hired, then terminated her contract once the relationship ended, according to the report.
Snap’s head of human resources, Jason Halbert, also announced plans to leave the company this week. Although he wasn’t directly involved in the situation he recruited Racioppi, who reported to him, according to the Journal.
Racioppi told the journal he had done nothing wrong and planned to hire an attorney to challenge the findings. The company declined Deadline’s request for comment.
The departures mark the latest in a wave of executive exits from the ephemeral messaging company.
- 1/19/2019
- by Dawn C. Chmielewski
- Deadline Film + TV
Updated to reflect new information about the reason for the CFO’s departure
Shares of Snapchat parent Snap Inc. fell 14% today as investors weigh in on the departure of CFO Tim Stone, a former Amazon executive who exited after just eight months on the job.
The company reported the its latest high-level executive departure Tuesday, after the market closed, saying Stone planned to “pursue other opportunities.”
Bloomberg is reporting something else transpired: Stone went around CEO Evan Spiegel to ask Snap’s board directly for a raise, in an incident that heightened tensions between the two and hastened the CFO’s departure.
Stone apparently also had big ambitions, asking to be promoted to chief operating officer, following the departure of Imran Kahn at the end of last year, Bloomberg reported. Spiegel appointed two outsiders instead: Jeremi Gorman as chief business officer and Jared Grusd as chief strategy officer.
The company...
Shares of Snapchat parent Snap Inc. fell 14% today as investors weigh in on the departure of CFO Tim Stone, a former Amazon executive who exited after just eight months on the job.
The company reported the its latest high-level executive departure Tuesday, after the market closed, saying Stone planned to “pursue other opportunities.”
Bloomberg is reporting something else transpired: Stone went around CEO Evan Spiegel to ask Snap’s board directly for a raise, in an incident that heightened tensions between the two and hastened the CFO’s departure.
Stone apparently also had big ambitions, asking to be promoted to chief operating officer, following the departure of Imran Kahn at the end of last year, Bloomberg reported. Spiegel appointed two outsiders instead: Jeremi Gorman as chief business officer and Jared Grusd as chief strategy officer.
The company...
- 1/17/2019
- by Dade Hayes and Dawn C. Chmielewski
- Deadline Film + TV
Tim Stone, for the former Amazon executive who replaced Snap’s first chief financial officer, Andrew Vollero, last May, is quitting “to pursue other opportunities,” according to an SEC filing. Snap clarified that Stone’s departure is “not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).”
Stone will remain onboard to assist in the search for his replacement and ensure a smooth transition -- at least until Snap reports its full-year 2018 financial results on Feb. 5., which the company predicted in its filing “slightly favorable to the top end of our previously reported quarterly guidance ranges.” Business Insider reports that in departing Snap, Stone is walking away from a $20 million pay package that was scheduled to vest over four years. However, he will retain $1 million worth of "sign-on grants" that vested over the first six months of his tenure.
Stone will remain onboard to assist in the search for his replacement and ensure a smooth transition -- at least until Snap reports its full-year 2018 financial results on Feb. 5., which the company predicted in its filing “slightly favorable to the top end of our previously reported quarterly guidance ranges.” Business Insider reports that in departing Snap, Stone is walking away from a $20 million pay package that was scheduled to vest over four years. However, he will retain $1 million worth of "sign-on grants" that vested over the first six months of his tenure.
- 1/16/2019
- by Geoff Weiss
- Tubefilter.com
Updated throughout: Snap chief financial officer Tim Stone is leaving the company after just eight months “to pursue other opportunities,” the company disclosed in a regulatory filing today. The company’s stock tumbled nearly 8% in after-hours trading to $5.96, as investors reacted to the news.
Stone said his decision to leave “is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).” His last day has yet to be determined.
The former Amazon executive joined Snap in May in what was viewed as a corporate coup, replacing Andrew Vollero as CFO. His departure is the latest in a number of executive defections at the ephemeral messaging company, including the former chief strategy officer Imran Kahn.
Stone will remain in on the job while Snap searches for a replacement. He’s expected to remain on the job...
Stone said his decision to leave “is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise).” His last day has yet to be determined.
The former Amazon executive joined Snap in May in what was viewed as a corporate coup, replacing Andrew Vollero as CFO. His departure is the latest in a number of executive defections at the ephemeral messaging company, including the former chief strategy officer Imran Kahn.
Stone will remain in on the job while Snap searches for a replacement. He’s expected to remain on the job...
- 1/15/2019
- by Dawn C. Chmielewski
- Deadline Film + TV
WarnerMedia Veteran Kristen O’Hara left her high-profile job as chief marketing officer of global media this summer for a new opportunity at Snapchat parent Snap.
O’Hara has departed Snap, scarcely two months later, after CEO Evan Spiegel gave her a major promotion to become the company’s new chief business officer — then rescinded the offer two days later, Bloomberg reported. Instead, Spiegel handed the job to Jeremi Gorman, who oversaw ad sales at Amazon.com.
Spiegel acknowledged O’Hara’s departure in a note sent this morning to the Snap’s business team.
“Unfortunately, I need to let all of you know that Kristen O’Hara has decided to leave the company following our recent changes in team structure,” Spiegel said. “In her time here, Kristen had an immediate and positive impact on the company. She had a deep understanding of our business from the outset and forged strong...
O’Hara has departed Snap, scarcely two months later, after CEO Evan Spiegel gave her a major promotion to become the company’s new chief business officer — then rescinded the offer two days later, Bloomberg reported. Instead, Spiegel handed the job to Jeremi Gorman, who oversaw ad sales at Amazon.com.
Spiegel acknowledged O’Hara’s departure in a note sent this morning to the Snap’s business team.
“Unfortunately, I need to let all of you know that Kristen O’Hara has decided to leave the company following our recent changes in team structure,” Spiegel said. “In her time here, Kristen had an immediate and positive impact on the company. She had a deep understanding of our business from the outset and forged strong...
- 10/29/2018
- by Dawn C. Chmielewski
- Deadline Film + TV
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