Snap CFO resigns after 8 months - Mobile World Live

Snap CFO resigns after 8 months

16 JAN 2019

Snap announced CFO Tim Stone is the latest executive from the company to step down, as it predicted Q4 2018 revenue would be near the top-end of its guidance.

“Mr Stone has confirmed that this transition is not related to any disagreement with us on any matter relating to our accounting, strategy, management, operations, policies, regulatory matters, or practices (financial or otherwise),” the company said in a filing, adding Stone’s departure date is yet to be determined.

He will continue in his role and “assist in the search for a replacement and an effective transition of his duties, including through our scheduled full year 2018 financial results announcement,” Snap stated.

Stone replaced Snap’s first CFO, Drew Vollero, in May 2018. Vollero, CSO Imran Khan, VP of product Tom Conrad and VP of engineering for monetisation Stuart Bowers all announced their departure in 2018.

Guidance
Snap said it expects to report revenue and adjusted EBITDA for Q4 2018 “that are slightly favourable to the top end of our previously reported quarterly guidance ranges”.

The company had said it expected revenue to be between $355 million to $380 million.

In Q3 2018, Snap reported a 44 per cent year-on-year increase in revenue, but it is yet to report a profit since it went public in March 2017.

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Saleha Riaz

Saleha joined Mobile World Live in October 2014 as a reporter and works across all e-newsletters - creating content, writing blogs and reports as well as conducting feature interviews...More

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