Tencent takes 12% stake in Snapchat parentStaff 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
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. ■