The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
LOS ANGELES, United States — Snap Inc.'s good quarter was bad news for short sellers who steadily added to positions over the past month.
Bearish wagers represented about 23 percent of shares available to trade before Snap reported fourth-quarter revenue that beat the highest analyst estimate, according to Markit data. That’s up from 16 percent at the start of the year.
“This eye popping top-line beat was a shocker,” GBH Insights analyst Daniel Ives said in a note highlighting the “overwhelming bear sentiment” ahead of the report.
Snap gained 22 percent in after-hours trading to $17.10 as of 7:13 p.m. in New York, rising above the March 2017 initial public offering price of $17 for the first time since July. Even with the gains, the stock is still about 37 percent below its March 3 record closing price of $27.09.
“This quarter was a major step in the right direction for the company and will be a tough pill to swallow for all the naysayers,” said Ives, who rates the shares “attractive.”
By Jeran Wittenstein; Editors: Arie Shapira, Vivek Shankar, Rebecca Jones.
Fast Company has named The Business of Fashion one of the ‘world’s most innovative companies’ for a second time for demonstrating ‘how a media brand can leverage AI to add reader value rather than erode trust with AI-written news articles.’
The ByteDance-owned app has big ambitions to be an e-commerce player in league with Amazon with influence in fashion on par with Instagram. Now it’s facing new threats — both from outside and within.
The production will take place on June 23rd on Place Vendôme and feature fashion content overseen by Carine Roitfeld, Ibrahim Kamara and fashion historian Alexandre Samson.
Condé Nast said it is searching for a successor to take over after Zhang, whose appointment never became less divisive.