Snapchat parent Snap Inc. said it plans to offer $750 million in senior notes to raise fresh cash and that it may use some of it for acquisitions. “Snap intends to use the net proceeds from t…
Inc. said it plans to offer $750 million in senior notes to raise fresh cash and that it may use some of it for acquisitions.
“Snap intends to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses, capital expenditures [and] may also use a portion of the net proceeds to acquire complementary businesses, products, services, or technologies.” The company also said it may use the case to repurchases Snap’s common stock, “although it has no commitments for any material acquisitions or stock repurchases at this time,” it said in a filng with the SEC.
Snap posted stellar quarterly earnings results earlier this week, with a jump in users, a surge in revenue and narrower than expected net loss. Shares were up close to 40% yesterday. Other media and entertainment companies have been raise cash rapidly for a cushion against the economic impact of the coronavirus pandemic. Snap, like others, pulled its financial guidance for the second quarter due to COVID-19 and said its advertising revenue began to slow in March when the stay-at-home orders took effect.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Stocks making the biggest moves after hours: Snap, Netflix, Texas Instruments and moreStocks making the biggest moves after hours: Snap, Netflix, Chipotle and more
Read more »
Holly Willoughby shares look at new baby in the family with adorable snapHolly Willoughby has given her Instagram followers a glimpse at her adorable baby niece Mabel, who is just a day old
Read more »
Snap Revenue Soars With Users Stuck at HomeThe results mark a surprise as many analysts estimate sharp decreases in digital ad spending in the first quarter, the first to show the impact of the coronavirus crisis.
Read more »
Snap soars on strong growth in revenue, daily usersSnap on Tuesday announced its earnings results for the first quarter, sending its share price up as much as 20% in after-hours trading.
Read more »
Ant and Dec beg for the football season to kick off again with hilarious snapAnt and Dec shared a snap of them on their knees pleading for the football season to get going again amid the coronavirus lockdown
Read more »
Pregnant Rochelle Humes shares adorable baby update with super sweet snapPregnant Rochelle Humes announced earlier this week that she was expecting a baby boy with husband Marvin Humes
Read more »