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Looking for an Uber? Book it through Snapchat’s “context cards”

Snap Inc’s Snapchat on Tuesday introduced “context cards”, a new feature that will allow users to book an Uber ride or reserve a seat at a restaurant without leaving the messaging app. The new feature is aimed at increasing the time a user spends on the app by providing contextual location-based search, potentially helping the company to get more advertising dollars. Snapchat, popular with young people for applying bunny faces or other filters to their pictures, competes for ad dollars with the likes of Facebook's…

Less than picture perfect: Snap slumps on slowing user growth

Snap shares slumped 22 percent in premarket trading on Thursday after the owner of the wildly popular Snapchat app's user growth and revenue numbers failed to show that it was adequately dealing with rising competition from Facebook. Snap, which calls itself a camera company, posted its debut quarterly scorecard following its hugely successful IPO in March, reporting slowing user growth and widely missing Wall Street's revenue expectations. Snap shares plunged to $17.88, just above their initial public offering price…

Snap stock falls as alleged CEO comments rile some on social media

Shares of Snap fell 1.5 percent on Monday as the Snapchat owner faced criticism for comments allegedly made by its CEO about not prioritising growth in India and Spain because they were "poor" countries. The dip put Snap on track to close at its lowest level in nearly a month, a bad sign following its $3.4 billion public listing that was the hottest by a technology company in three years. Twitter users using the #boycottsnapchat hashtag called for uninstalling the Snapchat app after a legal document unsealed last week…

Snap arrives in London to woo skeptical investors ahead of IPO

LONDON: Snap Inc, owner of popular messaging app Snapchat, kicked off its first investor roadshow on Monday, looking to persuade London money managers to back its initial public offering in the face of concerns about its growth prospects, valuation and corporate governance. The U.S. company, which has yet to make a profit, is targeting a valuation of between $19.5 billion and $22.3 billion from listing on the New York Stock Exchange, after cutting its initial target of $20 billion-$25 billion last week following investor…

Sony Entertainment chief exiting for a top role at Snap

LOS ANGELES: Sony Entertainment Chief Executive Michael Lynton will step down to become chairman of the board of messaging app owner Snap Inc, a move that puts an experienced Hollywood executive in a prominent role as the technology company prepares for an initial public offering. Lynton will give up his current position at Sony's movie and television unit on Feb. 2 but remain as co-CEO for six months to help find a successor, Japanese conglomerate Sony Corp said in a statement on Friday. Snap, the owner of the popular…

Snapchat taps London as global base outside US

LONDON: Snap Inc., which runs the camera messaging application Snapchat, said on Tuesday it had chosen London as its international headquarters, praising the UK's creative industries.  It comes after Facebook, Google and Apple last year announced major investments in London, underlining the capital's status as a technology hub as Britain prepares to exit the European Union. "I am happy to confirm that the UK is the Snap Inc. family's hub outside the US," a Snap spokeswoman said. Snap has around 75 staff in the UK,…

Ex-employee sues Snapchat, alleges it misled investors

A former employee has dragged Snapchat to court accusing the messaging app of misleading investors and trading partners to drive up its initial public offering, the Hollywood Reporter said citing a court document. In the lawsuit filed on Wednesday in a California court by Anthony Pompliano, who earlier worked with Facebook, also alleged he was fired for being a whistleblower, the magazine reported. Snap Inc, Snapchat's parent company, rejected the allegations. "We've reviewed the complaint. It has no merit. It is…