Snapchat is Typing…
Yesterday, in one of the most anticipated tech events of the year, SnapChat held their first ever earnings report.
The result: not so good.
After talking about their growth accomplishments (including generating 3m daily snaps), Evan Spiegel announced the company had lost $2.2B in just 3 month, which led to their stock dropping faster than Josh Hartnett in a helicopter, with a 24% decrease in under an hour.
The Spiegel did have one great line when pressed about the elephant in the room … Facebook (which owns Instagram) having similar capabilities … “Just because Yahoo has a search box, it doesn’t mean they’re Google.” (Source: the Hustle & WIRED)
Clear Eyes, Full Heart, Can’t Lose
After losing streaming access to NFL’s Thursday Night Football games to Amazon, Twitter signed a multi-year agreement to provide its users with live streaming services. Twitter will host 30-minute live shows five days a week, covering major updates, highlights, and news in the NFL. In addition, pre-game broadcasts will give Twitter users behind-the-scenes access on game days. (Source: TechCrunch)
Zillow Sued
A homeowner outside of Chicago just filed suit against Zillow, claiming the website severely undervalued her house, making it difficult to sell at a fair market rate. Their aptly named “Zestimate” tool offers “Zillow’s estimated market value” of property values using a private algorithm. But apparently, about ¼ of these Zestimates are off by 10% or more which, for houses, means tens of thousands of dollars. It’ll be interesting to see how this plays out as it has ramifications for many online sites that provide similar estimating services beyond real estate. (Source: the Hustle)
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