Snap Shares Are Pummeled as Company Loses Billions, Misses Revenue

Snap, parent of the Snapchat messaging company, lost more than $2 billion in its first few months as a publicly traded company.

Author:: Jane King
Publish date:: May 11, 2017 7:16 AM EDT

Snap (SNAP) - Get Report , parent of Snapchat messaging company lost more than $2 billion in its first few months as a publicly traded company. It's revenue was lower than expected too. Data from brokerage firms like RobinHood and TD Ameritrade suggest that millennials bought shares of Snap more than any other group. Verizon (VZ) - Get Report has reportedly won the bidding war for StraightPath (STRP) . The Wall Street Journal says Verizon will pay $3 billion for the company that holds valuable spectrum licenses that will play an important role in laying the groundwork for 5G services. Straightpath's technology is said to support businesses like virtual reality and augmented reality, telemedicine, autonomous cars, smart cities and more. Whole Foods (WFM) is shaking up its board-replacing 5 of the company's directors and naming a new chairwoman. Whole Foods has been slow to adapt to drastic changes in the grocery sector in recent years.