Snap hits a $100 bn valuation following rising usage and a rebounding market for digital ads. The app’s active users soared to 265 mn in Q4 2020, which is 22% up from the same period last year. The revenue growth for this year is expected to accelerate from 46% in 2020. There is ample room for its revenue to grow, thanks to products like Discover, Maps and Spotlight. The company is now worth more than four-fifths of companies in the S&P 500 Index.
Facebook Inc and Snapchat owner Snap Inc, reportedly, held talks with TikTok rival Dubsmash. The two firms are no longer in deal talks, the report added. While Dubsmash was not immediately available for a response, Facebook said it would not comment on market speculations. “We admire the team but aren’t in active talks to acquire,” a Snap spokesperson said. Both Snap and Facebook, according to the report, approached Dubsmash for a deal.
Snap Inc, the parent company of Snapchat, has pledged to double the number of women staff and minorities in its tech teams. Women staff account for 32% of Snap’s global workforce in 2019 but only 16.1% are in its tech teams. Until now, the firm said, the gender balance in its tech teams was low; it will double the women staff in tech teams by 2023. The number of underrepresented racial and ethnic minorities in the US will also be doubled by 2025.