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Shares in company that owns Snapchat jump 40% on first day of trading

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Instant messaging service Snapchat surged in its debut trade Thursday, jumping more than 40 percent from the level set in the initial public offering Wednesday night.

Snapchat, trading under the ticker “SNAP” on the New York Stock Exchange, surged about 45.1 percent to $24.69 after the IPO raised $3.4 billion by pricing the service $17 a share.

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 US each. That is above the expected range of $14 to $16 US, and values the Los Angeles company at $24 billion US.

When trading in the stock began, the shares jumped up to $24 as retail investors got their first chance to buy into the company.

Snap’s IPO is one of the most anticipated for a technology company since Twitter’s stock market debut in 2013. Co-founders Evan Spiegel and Robert Murphy will retain controlling power over all matters at Snap; the Class A stock being sold in the IPO has no voting power. Snap is getting the ticker symbol “SNAP” on the New York Stock Exchange.

Snap’s prospects

For Snap, which started its official bid to go public last Halloween, the looming question now is whether investors are in for a trick or a treat.

Snap’s Snapchat app is best known for disappearing messages and quirky facial filters for jazzing up selfies. It’s popular with teenagers and younger millennials. While Facebook launched in the era of desktop computers and Twitter in text-based mobile, Snapchat jumped straight to photos and videos. In a sense, it’s ahead of the game.

But its user growth has slowed down in recent months.

Blame Facebook. Growth slowed to a crawl since Facebook’s Instagram cloned Snapchat’s “stories” in August. With the feature, photos and videos shared by users play in a loop for 24 hours, then disappear. The feature helped Snapchat recover from stagnant growth before, but now it’s no longer unique to Snapchat. After adding 36 million daily active users during the first half of last year, Snapchat picked up just 15 million in the second half.

The number of people downloading Instagram’s app has been accelerating during the past six months, suggesting a gradual shift away from the Snapchat app, based on an analysis financial advice site ValuePenguin did of activity in Apple’s app store.

While the higher-than-expected pricing looks good for Snap, its troubles aren’t over.

“What that number means for the longer term — very little,” said Chi-Hua Chien, managing partner at Goodwater Capital who originated the VC firm Accel Partners’ investment in Facebook and later invested in Twitter while at another firm.

Twitter, for example, shot up nearly 73 per cent on its first trading day and now trades well below its IPO price. Facebook, meanwhile, saw its stock decline sharply for a few months after going public. Now, it’s trading more than three times its IPO price, near a record high.

Time is limited

Snapchat started 2017 with 158 million daily active users, most of whom are people in their teens, 20s and early 30s. But many of them are finding Snapchat harder to fit in with daily life.

Evan Rodriguez, a 20-year old student at Abilene Christian University in Texas, used to send snaps of funny stuff he saw throughout the day, just as his friends did. For instance, he might take video of a friend walking across campus and send it via Snapchat — “Hey, I see you!”

But something about the whole thing “just became cumbersome,” Rodriguez said. “It was like one more thing to do.”

Financial Markets Snap IPO

The company behind the popular messaging app Snapchat is expected to start trading Thursday after a better-than-expected stock offering. (Mark Lennihan/Associated Press)

Celia Schlekewey, a 20-year-old University of Washington student who also works at a small business, liked the fact that when she first joined, it was “all just about sending pictures to your friends.” Over time, the stories feature became a “big deal,” and keeping up with friends and famous people became time-consuming.

“It got to the point that if I wanted to keep up with everyone’s story, I’d have to sit on my phone and watch it for 25 minutes,” she said.

Easing this feeling of pressure will be key for Snapchat, especially if it wants to attract older users. They might not have as much time — or might not feel like spending that time on social media — as their young millennial counterparts.

Snapchat’s identity

Since Snapchat was never about typing, the phone’s camera is already its main focus. In fact, CEO Evan Spiegel has taken to calling it a “camera company,” and this is how the company describes itself in its IPO documents.

That doesn’t necessarily just mean that Snap wants to make cameras, though last year it launched Spectacles, actual physical sunglasses that snap photos for you.

Snapchat is more about image-based communication, said Chien of Goodwater Capital.

Open the app, and you open a camera. Turn the camera to selfie mode, and you get a bunch of filters to overlay on your face. Because the images you send eventually disappear, there’s less pressure to put forward your best self.

Snapchat has often drawn comparisons to both Twitter, which also faces stagnant growth, and Facebook, whose users are highly engaged, just like Snapchat’s. Ultimately, Snap doesn’t have to be like either to succeed and can forge its own path and identity.

It’s worthwhile remembering that Twitter’s shares soared on their first day of trading, but were soon below their IPO price. Facebook, meanwhile, had a bumpy opening day and almost closed below its initial IPO price. Today, however, the company is worth three times what it was first listed at.

LaVon Murphy, 45, a photographer in Portland, Oregon, uses Facebook to keep up with friends, Instagram to express herself through pictures and Twitter to keep up with the news. She added Snapchat recently to stay in touch with her 17-year-old son.

“I don’t really understand why he and his friends use the app so extensively, but I am trying to keep up,” she said. “It allows me to be silly and show a silly side of myself to my son and it allows him to be silly with me.”

Snap just needs millions more like Murphy willing to make time for yet another social network.

Source : CBCNEWS

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UK bans installation of Huawei 5G telecom gear from Sep 2021

The US Federal Communications Commission (FCC) designated Chinese telecom companies, Huawei and ZTE, as national security risks to America’s communications networks.

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Huawei Technologies

London: The UK government announced on Monday that the Chinese telecom giant Huawei will not be able to install its 5G equipments in the country from September 2021.

The Department for Digital, Culture, Media and Sport said that as per its earlier decision, the UK carriers will no longer be able to install Huawei equipment beginning September 2021.

The UK government has laid out a roadmap for removing all telecoms equipment made by “high risk vendors,” including Huawei, from the country’s 5G network by 2027, reports CNET.

In July this year, the UK government had announced a ban on the purchase of new Huawei kits for 5G from next year and said that the Chinese telecom giant’s equipment will be completely removed from 5G networks by the end of 2027.

The telecoms operators have seven years to remove its existing technology from their 5G infrastructure at an expected cost of 2 billion pounds.

The decision came following new advice produced by the National Cyber Security Centre (NCSC) on the impact of US sanctions against the telecommunications vendor.

The US Federal Communications Commission (FCC) designated Chinese telecom companies, Huawei and ZTE, as national security risks to America’s communications networks.

In a U-turn, the UK government that earlier allowed Huawei to sell its 5G technology in the country, signalled a tougher stand against the Chinese telecom giant.

Huawei called the decision “bad news for anyone in the UK with a mobile phone”.

Struggling to keep its consumer business afloat in the wake of the US sanctions, Huawei this month announced to sell off its Honor smartphone business assets to China-based Shenzhen Zhixin New Information Technology Co Ltd.

The company said that the sale — which could be around $15 billion according to multiple reports — will help Honor’s channel sellers and suppliers make it through this difficult time.

Honor smartphones have been hit by US sanctions that prevent Huawei from doing business with the US companies.

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Amazon Quiz Answers, November 30 2020: Answer and win Rs 15,000 Amazon Pay Balance

Check out the questions and answers for today’s Amazon quiz to bag the Rs 15,000 Amazon Pay Balance.

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Amazon

Amazon India is back with the daily Amazon Quiz where users can answer questions and stand a chance to win exciting prizes. The Amazon Quiz for November 30, 2020 is live now, and the winner will be eligible to win Rs 15,000 Amazon Pay Balance.

Amazon quizzes focus on product trivia and provide the opportunity for customers to win exciting prizes. The prizes for these quizzes range from free products (including mobile phones and other gadgets) and goodies to Amazon Pay balance.

Check out the questions and answers for today’s Amazon quiz to bag the Rs 15,000 Amazon Pay Balance.

Q1: India’s first roll-on roll-off passenger ferry (Ro Pax) service was launched between Hazira and Ghogha in which state?

Answer 1: Gujarat

Q2: Whose record of becoming the year-end World No. 1 for six years, did Novak Djokovic equal in 2020?

Answer 2: Pete Sampras

Q3: King Rama X is the reigning monarch of which country?

Answer 3: Thailand

Q4: Which of these royal titles features in a popular item sold by this company in India?

Answer 4: Maharaja

Q5: Which company gets its name from this great scientist?

Answer 5: Tesla

How to Play the Amazon Quiz?

  • Step 1: This is an Amazon App only offer, so we suggest you download & install the Amazon Android or iOS app from Google Play Store or Apple’s App Store.
  • Step 2: Now open the Amazon App & Sign in into your Amazon Account (Create an account if you do not have an existing Amazon account)
  • Step 3: How to go to the Amazon Quiz? Go to the homepage and scroll down in the Amazon app > Offers > click on Amazon Quiz 8 AM to 12 PM. Another way to go to the Amazon Quiz page is by clicking on the Menu > Programs and Features > FunZone
  • Step 4: Now just click the Amazon Quiz Banner & start the quiz by tapping the “Start” Button
  • Step 5: You have to answer the five questions correctly in the Daily Amazon Quiz in order to be eligible to win exciting prizes
  • Step 6: After answering all of today’s Amazon Quiz questions correctly, you will then be eligible for the Amazon Quiz winners’ lucky draw
  • Step 7: The Amazon Quiz lucky draw winners are announced on the winners list declaration date
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French Amundi threatens to sell-off SBI bonds over proposed Rs 5,000 cr Adani coal mine loan

Protesters were wearing a t-shirt which read slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.

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Ind Aus SBI Adani protest

New Delhi: France-based Amundi, which is one of the largest investors in India’s State Bank of India (SBI), threatened to sell off SBI green bonds held by it unless it stops its scheduled Rs 5,000 crore loan to Adani’s Carmichael coal mine in Australia.

“We consider SBI should not finance this project. Ultimately it’s their decision but we’ve been extremely clear on the fact that if they decide to do it, we would immediately disinvest,” Director of the Institutional Corporate Clients Division & ESG, Jean Jacques Barberis, was quoted as saying by a global wire service.

“Financing the mine would be in “total contradiction” to the SBI activities financed through its green bond, he added.

“We have engaged SBI asking them not to participate (in the loan) and now we are waiting for their answer”, he was quoted as saying.

Amundi, which holds the SBI green bonds as part of its Amundi Planet Green Emerging Fund, said it learnt recently that the public lender is slated to fund the controversial coal mine project in Australia.

Adani’s billion-dollar Carmichael coal mine project in Queensland, Australia, has been the centre of many controversies ever since its inception as activists owing to environmental problems posed by it.

The development comes within days of Samsung Securities, the investment arm of South Korean conglomerate, announcement that it won’t back the project after it was targetted by protesters for having links to the coal miner.
Earlier this week, the first One-Day International (ODI) match between India and Australia in Sydney was halted briefly after two protesters appeared on the field holding placards against SBI and Adani Carmichael coal mine project.

Six overs into Australia’s innings, protestors walked to the center of the ground holding placards which read ‘No $1b Adani loan’ signs.

Protesters were wearing a t-shirt which read slogans such as “#StopAdani”, “Stop Coal” and “#StopAdani”. Several anti-Adani protesters also gathered outside the Sydney Cricket Ground.



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