(Bloomberg) -- Snap Inc.’s co-founders got richer by billions of dollars in just a few hours, after the company reported better-than-expected results as the coronavirus pandemic boosted usage of its app.Shares soared as much as 25% to $35.57 in late New York trading after the owner of the popular Snapchat mobile app said sales jumped 52% to $678.7 million in the third quarter, with 249 million daily active users. The gains lifted the fortunes of Snap’s co-founders, Evan Spiegel and Bobby Murphy, by $1.3 billion and $1.4 billion, respectively, taking them to $6.9 billion and $7.2 billion, according to the Bloomberg Billionaires Index.Wealth accumulation in the tech world has been eye-popping this year as the shift of everything from work, shopping, schooling and entertainment online in the Covid-19 economy has boosted demand for digital services. Zoom Video Communication Inc.’s Eric Yuan added $6.6 billion to his net worth in just one day last month, and Amazon.com Inc.’s Jeff Bezos, the world’s richest person, saw his fortune swell by $75 billion in 2020 to $190 billion.Snap, whose Snapchat is used to send photos and videos that disappear within seconds, said its net loss narrowed to $200 million, or 14 cents a share. The company posted profit of 1 cent a share excluding some costs, beating the 5 cent loss that analysts predicted. If the positive advertising trends continue, fourth-quarter revenue may jump 47% to 50% from the same period last year, Snap added.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Post Top Ad
Your Ad Spot
Wednesday, October 21, 2020
Snapchat Co-Founders Share $2.7 Billion Windfall
Tags
Yahoo Finance#
Share This
About Business World
Yahoo Finance
Labels:
Yahoo Finance
Subscribe to:
Post Comments (Atom)
Sponsor
Ad Banner
Your Ad Spot
Author Details
Rathore Post covers What’s happening in the world. News, Politics, Business, Entertainment, Sports, Latest Technology about software, mobile ,computer science, internet, semiconductor, telecom and science, Latest Modern Fashion news, Modern Beauty Information, Health Disease Information & Home treatment Remedies & Affiliate marketing program in all of our journalism.
No comments:
Post a Comment