Snapchat takes another hit on Wall Street

News of heavy losses at Snapchat’s parent company, Snap Inc, saw shares plummeting by more than 10%

Losses at Snapchat’s parent company nearly quadrupled in the last three months, the company announced on Thursday. The news sent the social media company’s shares to a new low in after hours trading.

Snap Inc lost $443m in the second quarter. The company paid out $242m in stock based payments and associated taxes over the quarter. The mobile app’s revenues rose 153% to $182m, but were below Wall Street forecasts. The company also failed to match expectations for growth, adding 7.3 million new users over the quarter, below the 8 million expected by analysts. Snapchat had 173 million daily active users over the quarter.

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Major Uber investor sues Travis Kalanick, alleging fraud for ‘selfish ends’

Benchmark Capital is accusing the embattled former CEO of engaging in fraud in order to ‘increase his power over Uber’

Travis Kalanick is being sued by one of Uber’s largest investors, Benchmark Capital, which accuses the former chief executive of engaging in fraud in order to “increase his power over Uber for his own selfish ends”.

The Benchmark complaint exposes an ugly battle for power at the top of the nearly $70bn startup, which has been buffeted from crisis to crisis all year and is still searching for a replacement for Kalanick.

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Computing needs to welcome women back into the industry | Letters

Female programmers made up half the industry’s workforce in the beginning, says Peter Kay; while Dr Jill Miller says increasing diversity is about levelling the playing field. Plus Robert Lawrence and Susan Hutchinson on data and the state

I have to agree with Angela Saini (In Silicon Valley, misogyny thrives on shoddy science, 8 August). When I went to university in 1964 to study mathematics, half of the other students studying maths were female. When I started work as a programmer in 1967 half of the other programmers were female. As Saini says, it was not until the advent of personal computers (and computer games) in the late 70s and 80s that this all changed and female programmers became a small minority. There was no inherent difference in skill and aptitude between the men and the women.

The Google “manifesto” is clearly ill-informed and written by someone without knowledge of the early days of computing. Sadly, we are now suffering from a serious shortage of skilled programmers because half the population with the appropriate skills have been put off entering the industry, maybe by the sexist attitudes of those with these false views.
Peter Kayes
Reading, Berkshire

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