Snap Hammered After Reporting First Quarter Results

Newly public tech startup Snap Inc. was hammered on the markets on Wednesday, after reporting $2.2 billion of losses on $149.65M in revenues for its quarter ended March 31, 2017. The terse earnings report was the first for the company as a publicly traded company. Snap is now trading as SNAP on the NYSE. SNAP dropped 21 percent on Wednesday. Most of the $2.2 billion in losses was attributed to options which vested in the IPO, and which will be paid out quarterly--but which will be paid out over three years. Most of that IPO-related option expense specifically went to a "CEO award" to Evan Spiegel.