Snap Inc. is an American technology and camera company that was founded in 2011. Until now, Snap Inc. released four products: Snapchat, Spactacles, Bitmoji and Zenly. Spectacles are smart glasses that are able to record videos for the Snapchat app. Bitmoji is an app that permits users to design personalized stickers to use them in various messaging apps.
At first, Snap Inc. was named Snapchat Inc., but changed its name in 2016 in order to include more services under the same company.
Snap Inc. goes through hard times
A little while ago, Snap Inc. announced that it is going to issue $1 billion in debt securities for working capital and potential acquisitions. The net proceeds resulted are planned to be utilized not only for ordinary corporate projects, but also for the acquisition of businesses, stock, services, electronics and even deals for Snap stock.
Right after the announcement, Snap shares fell up to 1.5%, in order to settle to 1% to $16.29 per share. The decision of Snap Inc. means that it is a first for the company to declare a long-term debt to the balance sheet.
The programmed debt was due to a deficit in revenue of $6.48 billion that was announced on June 30th by the company.
It is worth mentioning that there were made several attempts by various companies to buy Snapchat from Snap Inc. One of the most important attempts, but not the only one until then, was made by Mark Zuckerberg. The founder of Facebook wanted to acquire Snapchat and its assets, but the founders, Evan Spiegel and Bobby Murphy, turned their backs to the offer. A few years after that, Google also presented an offer to acquire the company. Google would have offered $30 billion. But the founders refused again to sell their company.
Andie is an IT lover and in his free time he likes to make tutorials dedicated to those interested in Android programming. Continually seeking for challenges he likes to test his skills and knowledge. Is thrilled to be part of the S4Tips team and hopes that together we can contribute to community development.
