Snap Shares Leap 44 Percent in Trading Debut -
RisingWorld
2017-03-03
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Snap Shares Leap 44 Percent in Trading Debut -
By MICHAEL J. de la MERCEDMARCH 2, 2017
Shares of Snap closed up 44 percent on their trading debut on Thursday, a strong start that could revive a moribund market for new stocks.
Snap was the most heavily traded stock in the United States on Thursday, with more than 216 million shares changing hands, according to Reuters.
The parent company, Snap, reported a loss of $514 million last year, compared with a loss of $373 million in 2015.
The shares opened on the New York Stock Exchange at $24, up from the initial public offering price of $17 a share.
The company reported revenue of $404 million for 2016, and it has said that sales could reach $1 billion this year.
It could also encourage other giant technology companies to go public in the months to come.
By MICHAEL J. de la MERCEDMARCH 2, 2017
Shares of Snap closed up 44 percent on their trading debut on Thursday, a strong start that could revive a moribund market for new stocks.
Snap was the most heavily traded stock in the United States on Thursday, with more than 216 million shares changing hands, according to Reuters.
The parent company, Snap, reported a loss of $514 million last year, compared with a loss of $373 million in 2015.
The shares opened on the New York Stock Exchange at $24, up from the initial public offering price of $17 a share.
The company reported revenue of $404 million for 2016, and it has said that sales could reach $1 billion this year.
It could also encourage other giant technology companies to go public in the months to come.
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