Snapchat is worth a lot more
Wall Street opened in the red. The Dow Jones is losing 0.1 percent, the broad S&P 500 is down 0.2 percent and the Nasdaq tech stock exchange is down 0.4 percent. The big winner is Snapchat: the share increased in value by 13 percent on the New York stock exchange. The owner of social media platform Snapchat saw an increase in quarterly turnover, but suffered another loss. However, the company issued a strong revenue forecast for the current quarter and will buy back $500 million of its own shares. Snap also said that Perplexity will pay $400 million to integrate the American AI startup’s search capabilities into Snapchat.
Qualcomm drops 1.5 percent. The chip company saw a stronger increase in turnover and profit in the past quarter than the company itself had expected. The company is also counting on a further increase in results for the current quarter. Industry peer Arm Holdings, which also provided figures, gained 0.3 percent. Lyft climbs 6 percent. The taxi service made a profit again in the third quarter after a loss a year ago. Turnover and the number of users also increased further. Financial director Erin Brewer stated that she has not seen a decrease in demand and that the taxi service is mainly used for commuting. Competitor Uber, which released figures earlier this week, fell 1 percent.
Tesla drops 0.3 percent. The electric car manufacturer is holding its annual shareholder meeting. Shareholders can vote on, among other things, the controversial remuneration proposal for CEO Elon Musk. The bonus for Musk could be worth up to $1 trillion, or $1 trillion.