Snap shares drop 8% as CFO Tim Stone set to resign
His departure is not related to any disagreements with the company, according to CEO Evan Spiegel
Bengaluru — CFO Tim Stone will be leaving Snap less than a year after taking the job, the company said on Tuesday, the latest in a string of executive departures from Snap over the past year.
Snap shares dropped 8% to $6.02 on Nasdaq in after-market trading.
Stone’s departure is not related to any disagreements with the company, which owns popular photo-messaging app Snapchat, Snap said in a filing.
Snap has faced high-profile troubles recently as it continues to grapple with a widely panned redesign of the Snapchat app, which was attributed to a decline in Snapchat users over the past two quarters.
It has also struggled with high turnover in its top ranks. Former chief strategy officer Imran Khan and vice-president of content Nick Bell left the company in September and November, respectively.
Snap also said in the filing it expects to report fourth-quarter revenue and adjusted earnings before interest, taxes, depreciation and amortisation (ebitda) near the top end of its guidance. The company previously said it expected fourth-quarter revenue to be between $355m to $380m.
Stone will remain at Snap to help with the transition and the company’s fourth-quarter earnings call on February 5, said Snap CEO Evan Spiegel in a memo to employees on Tuesday, seen by Reuters.
Spiegel said, “Tim has made a big impact in his short time on our team and we are very grateful for all of his hard work.”