Have you heard of Snapchat? It’s this mobile phone app that lets girls put silly lil’ dog noses on their faces and launched with a valuation of 28 billion dollars?
You’re not going to believe this: it turns out this app, which is used to send disappearing pictures of mixed drinks to sorority sisters, isn’t quit as valuable as investors had hoped!
Yes, Snapchat, which is used by 13-year-old girls to fleetingly document themselves smoking pot in bathrooms, just suffered a 25% loss in valuation.
The app, which is used by people speeding in cars to document their moving violations, posted a loss of 2.2 billion dollars after its first earnings report as a public company.
Snap Inc, which makes an app that allows babysitters to put Wonder Woman hair on cats, had a decline of 14% in average revenue per user during the quarter.
The CEO of Snapchat, which is used by gay men who don’t want to put dick pics directly onto Grindr, is still a billionaire. Evan Spiegel, who invented an app that is favored by ISIS, is worth 3.8 billion dollars.
Hi, funny dog head picture!