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Tencent takes 12% stake in Snapchat parent

Staff Writer | November 9, 2017
Snapchat parent Snap disclosed that Chinese tech giant Tencent had taken a 12 percent stake, a sign of confidence in the social network that has delivered disappointing results since its share offering this year.
Acquisition   Daily Snapchat users rose to 178 million
A securities filing showed Tencent Holdings had purchased some 146 million shares of Snap non-voting stock in open market purchases in November.

Those shares would be worth some $220 million at Snap's current value, or 12 percent of the equity.

Snap, whose social network and disappearing messages has made it a hit with young smartphone users, has seen its share price slump amid disappointing results including another quarterly update Tuesday showing its losses tripled to $443 million.

Snap reported the number of daily Snapchat users rose to 178 million in the past quarter, a weaker-than-expected 17 percent increase from a year ago.