1999 called, they want their stock bubble back…

File this one away under “Completely Obvious…”

Last night the parent company of Snapchat reported a quarterly loss of more than TWO BILLION dollars.

Snapchat, of course, is the photo-focused social networking app that’s adored by tweens and adults who still live with their parents.

(Talk about a lucractive demographic.)

The company IPO’d just a few months ago with a market capitalization of $30+ billion despite slowing growth and a history of never turning a profit EVER.

According to the company’s quarterly report its finances have gone from bad to worse.

Operating cashflow dropped from negative $92.5 million to negative $155 million; and its total loss for the quarter including stock-based compensation was $2.2 billion.

It’s incredible that this is the same company that was a Wall Street favorite just eight weeks ago….

Source: 1999 called, they want their stock bubble back… | Sovereign Man

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