Snapchat loses its main money man, the latest in a number of high-profile departures in the past year, who died the company's share price on Tuesday.
Tim Stone, Snapchat's Chief Financial Officer, was at work less than a year when he resigned on Tuesday, Snapchat announced in a regulatory public company application. Snapchat was careful to note that the departure of the stone was not a sign of any misunderstanding.
"Tim Stone, our CFO and CFO, informed us that he intended to step down to pursue other opportunities," Snapchat's application said. "Mr. Stone has confirmed that this transition is not related to any disagreement with us about any matter relating to our accounting, strategy, management, operations, policies, regulatory issues or practices (financial or otherwise)."
Snapchat is expected to announce fourth-quarter results on February 5, and is still tied up for the period. Snapchat says its fourth-quarter advertising revenue is expected to meet the high end of its third-term forecast.
"We finalize our fourth quarter 201
Snapchat anticipated revenue of $ 355 million to $ 380 million in the fourth quarter, representing an increase of 24 percent to 33 percent year on year. Revenue was DKK 298 million. USD in Q3.
Over the past 12 months, Snapchat has lost a number of top executives while attempting to recharge the company, which has not grown as quickly as investors hoped. Last year, CEO Evan Spiegel left senior Lieutenant Imran Khan, like Sten's predecessor, Andrew Vollero and Mary Ritti, head of communications. Just this week, the human resources leader, Jason Halbert, resigned after a period of time when he was accused of making employees uncomfortable with crude talk.
Spiegel addressed employees in a note Tuesday and thank Stone: "Tim has had a great influence in his short time on our team and we are very grateful for all his hard work. I know that we all benefited from his customer focus and the way he has encouraged us to operate as owners. "
During Stone's tenure, Snapchat's stock price has fallen more than 35 percent. Snapchat's stock hit a hit after today's advertising, down over 8 percent in retrospect.