Wednesday, May 10, 2017

Snapchat co-founders lose $2 billion after first quarter, throw shade at Facebook

After Snap Inc. reported its earnings for the first quarter on Wednesday afternoon, it’s co-founders Evan Spiegel and Bobby Murphy each lost more than $1 billion. Don’t worry, they’re not out on the street now or anything like that – but the loss is significant given that it came after the company’s first-ever earnings report since it went public in March. The ephemeral messaging service did alright this quarter, but it wasn’t good enough to impress investors. It saw year-on-year growth slow to its lowest in the past two years (adding 5 percent to hit 166 million users), and it…

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