Silicon Beach Report May 1: Snapchat Stock Plummets


Snapchat stock plummets; Apple stock rises; Tech recycler sentenced to 15 months.

Snapchat Stock Plummets

Snap Inc. announced its Q1 2018 revenue figures on Tuesday and fell short of Wall Street expectations, bringing in $230.6 million and four million new users, Recode reports. Analysts predicted the company could do $244 million in revenue and acquire seven million new users. The company did a major redesign in January of this year. As a result of the earnings report, the stock fell 16.5 percent in after-hours trading.

Apple Stock Rises

Unlike Snapchat, Apple Inc. reported strong earnings and announced it will buy $100 billion of its own stock, CBS News reports. The news helped Apple shares rise by 4 percent, and Apple Chief Executive Tim Cook credited a 2017 cut in federal tax rates for enabling the company to return more money to shareholders. Analysts had been worried that sales in of its iPhone had been weak, especially the newest iPhone X.

Tech Recycler Sentenced to 15 Months

Eric Lundgren, a Southern California man known for building a business by recycling electronic waste, is headed to federal prison for 15 months, the Los Angeles Times reports via the Washington Post. A Miami federal appeals court ruled that Lundgren infringed on Microsoft Corp.’s intellectual property in the amount of $700,000.

Technology reporter Eli Horowitz can be reached at [email protected]. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.

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