There was a time a year or so ago when, if a friend wanted to send me a meme or a funny selfie, it would be on Snapchat. But I don't remember the last time that happened; at some point Instagram became our go-to messaging app.
Snapchat lost as many as 3 million daily users in 2018. Meanwhile, Instagram has grown so fast over the past two years that its Stories feature alone is much bigger than Snapchat, with more than 500 million daily users.
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2 93 hours ago
Earnings Alert: Kraft-Heinz ($KHC: Consumer Staples)
Kraft-Heinz stock has suffered a huge hit after falling almost 27% Friday morning. This comes after their earnings announcement on thursday, in which they disclosed a big dividend cut and revealed they received a subpoena from the SEC.
The subpoena comes after it wrote off more than $15 billion related to acquisitions from the past. The subpoena is targeting Kraft-Heinz specifically for their accounting policies, procedures, and internal controls.
To say that wasn’t enough, Kraft-Heinz also reported their fourth quarter earnings, and the numbers did not impress. Firstly, they reported a loss of $12.61 billion, or $10.34 s share according to MarketWatch, due to “non-cash impairment charges of $15.4 billion to lower the goodwill of acquired companies, primarily the Kraft and Oscar Mayer trademarks.” Secondly, the company revealed earnings of $0.84 a share, which was lower than analyst expectations of $0.94 a share.