Snap shares sink as IPO euphoria vanishes

AFP, SAN FRANCISCO:  Shares of Snapchat parent company Snap sank on Monday as euphoria that marked its public debut on Wall Street last week vanished like the service’s ephemeral messages.
Snap shares were down 2.26 per cent to $23.77 at the close of formal trading on the New York Stock Exchange.
Snap shares rocketed Thursday after making their debut on Wall Street, with investors keen to get their hands on shares.
Snap jumped 44 per cent to close at $24.48 in its inaugural trading day, after raising $3.4 billion in the richest US tech company listing since Facebook in 2012.
The Southern California startup known for its disappearing photo messages had priced its offering at $17 to give it a market value of $24 billion.
The strong debut lifted its value to $28 billion, or more than double that of social media rival Twitter, which went public in 2013. Snap shares climbed even higher on Friday.
Analysts have offered mixed views on the future of Snap, debating whether it can mimic the success of Facebook or end up in the tech junkyard.

 

Snap shares sink as IPO euphoria vanishes

AFP, SAN FRANCISCO: Shares of Snapchat parent company Snap sank on Monday as euphoria that marked its public debut on Wall Street last week vanished like the services ephemeral messages. Snap shares were down 2.26 per cent to $23.77 at the close of formal trading on the New York Stock Exchange. Snap shares rocketed Thursday after making their debut on Wall Street, with investors keen to get their hands on shares. Snap jumped 44 per cent to close at $24.48 in its inaugural trading day, after raising $3.4 billion in the richest US tech company listing since Facebook in 2012. The Southern California startup known for its disappearing photo messages had priced its offering at $17 to give it a market value of $24 billion. The strong debut lifted its value to $28 billion, or more than double that of social media rival Twitter, which went public in 2013. Snap shares climbed even higher on Friday. Analysts have offered mixed views on the future of Snap, debating whether it can mimic the success of Facebook or end up in the tech junkyard.