Snap (SNAP)
What is Snap?
Snap (SNAP) is a technology company whose portfolio features four titles: Zenly, Bitmoji, Spectacles and Snapchat. The key area Snap operates in is camera apps development. Its flagship product, Snapchat, is a multimedia (image and video) messaging app that’s become very popular in Europe and North America. Its chief characteristic is that pictures and messages are only available for a short period of time before they become inaccessible.
On its website, the company declares: “We believe that reinventing the camera represents our greatest opportunity to improve the way people live and communicate. We contribute to human progress by empowering people to express themselves, live in the moment, learn about the world, and have fun together.”
As of February 2018, both Snap founders owned a combined 95% of voting power (Evan Spiegel with 48% and Bobby Murphy with 47%). In April 2018 the company had a market capitalisation of around $17.9 billion.
Who are the key people at Snap?
Co-founder Evan Spiegel has served as Snap’s Chief Executive Officer and a member of the board of directors since May 2012. Fellow co-founder Robert Murphy has been Chief Technology Officer and a member of the board since the same date. Other leading figures at the company include: Imran Khan, Chief Strategy Officer; Andrew Vollero, Chief Financial Officer; and Jerry Hunter, Senior Vice President Engineering.
What is the modern history of Snap?
Snap was founded in 2011by Evan Spiegel and Bobby Murphy, and quickly became very prominent. The company refused offers of acquisition – including from Facebook chief Mark Zuckerberg – and instead completed several acquisitions of its own. In 2014 Snap acquired software company AddLive; in 2015 the company bought Looksery; and the following year it added Bitstrips to its portfolio. In 2017, Snap went public and achieved a market capitalisation of around $30 billion on its first trading day.
What are the latest developments at Snap?
In its 2017 financial results, Snap reported full year revenue of $824.9 million, up 104% on the previous year. But the company posted a full year adjusted EBITDA loss of $720.1 million, against a loss of $459.2 million in 2016. On the plus side, Snap said it now had a total of 187 million Daily Active Users, thanks mainly to improvements made to the Android version of the Snapchat app.
In April 2018 Snap unveiled its new Group Video Chat facility, which enables up to 16 participants to video chat simultaneously. The company said it had designed Chat “to feel less like texting and more like hanging out”.
The Snap share pricefell during the course of 2017, from $27.09 in March to a low of $11.83 in August. The share price then appeared to stabilise, and started 2018 at $14.50. To find out how the shares are doing right now, follow Capital.com. Our SNAP chartputs all the information at your fingertips.
Where does Snap operate?
Snap’s corporate headquarters are in Venice, Los Angeles, in the U.S. state of California. However, the company has also established an international HQ in Soho, London – a move seen as a boost for the U.K. capital’s reputation as a creative industry hub. In total, Snap has over 3,000 employees.
Where is Snap traded?
Snap is listed on the New York Stock Exchange (NYSE). Check out Capital.com for the latest SNAP chart. We’ll keep you up to date and in the picture.