NBD: Snapchat Co-Founders Lose $2 Billion in ONE DAY

posted by Justin - 

Yesterday, Snapchat Inc. reported a massive a $2.2 billion loss in Q1. 

But it wasn’t just earnings that took a hit, the app’s user growth was the slowest it’s been in two years, reaching 166 million users, while Instagram boasts 700 million users.

Snapchat co-founder Evan Spiegel doesn’t seem too concerned by Facebook and Instagram’s beating them.

He dissed them in a statement, saying “if you want to be a creative company, you have got to be comfortable with and enjoy the fact that people copy your products if you make great stuff. Just because Yahoo! has a search box doesn’t mean they’re Google.”

The market wasn’t convinced, however, with shares of Snap Inc., Snapchat’s parent company, dropping 24 percent after the announcement.

The social media war rages on...


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Photo: Getty Images

Justin

Justin

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