What time is the biggest initial public offering since Facebook (FB) or Alibaba (BABA) set to begin trading?
In the filing, Snap repeatedly said its user numbers and engagement "can be lumpy and unpredictable" - or the opposite of what Wall Street typically prefers. In our view, Snap shares are overvalued, and we would wait for a pullback and a margin of safety before investing in this very high uncertainty name.
Despite a almost seven-fold increase in revenue, Snap's net loss widened 38 per cent past year to US$514.6 million.
Soon after Thursday's opening bell rang at the New York Stock Exchange, the stock began trading at more than $24 a share - almost 50 percent higher than its IPO price, CNBC reported. The year before Twitter's IPO, it lost $79 million, while Facebook made $1 billion.
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Snap sold 145 million of its 200 million initial shares Wednesday, locking up the remaining float as a measure to mitigate potential volatility that often comes with short-term investors. It helps users communicate with one another mostly by using pictures and videos, or snaps, on its Snapchat mobile app.
Growth slowed to a crawl since Facebook's Instagram cloned Snapchat's "stories" in August. It still holds almost 82 million shares, worth just shy of $2 billion.
Snap's long-awaited market debut is nearly here. As a result, it launched Spectacles a year ago - actual physical sunglasses that snap photos for you.
Some Silicon Valley observers say the IPO should encourage other growing tech companies to go public, even if they're not yet showing a profit. He would say it's neither - it's a camera company! - but as far as the markets (and most people) are concerned, those are the most relevant comparisons. To make money, Snap will have to boost its revenue per user, but ad buyers tell DiClemente that the company's ad products are hard for small and midsize companies to use, and "Snap's targeting capabilities are not almost as sophisticated as those of Facebook".