Morning Report: Now that Snap’s stock has settled subsequent to its shellacking, let’s square scores.
In the days prior to Snap’s earnings report, Jason Lemkin, a decently-known venture capitalist, made a small wager regarding Snap’s first-quarter financial performance.
Responding to a tweet from Recode, announcing the date on which Snap would dish its debut digits, Lemkin thusly tweeted:
As you already know, Snap missed in all ways possible, as we reported on these pages earlier this week:
Snap’s quarter is, therefore, a triple miss: Top line, bottom line, and future lines (DAUs).
We can now turn our concentration to the corrective.
Sadly, as a very unfashionable man, I only own one hat to my knowledge. I had to buy it for some themed party years ago, and it’s probably squashed in the bottom of the closet. As such, we can select the hat that I should buy for Jason to eat.
Personally, I have my eyes and heart set on a deep-fried, full-camo MAGA hat. That would be tough, chewy, crispy, and annoying.
In related news, shares of Snap recovered today, rising 26 cents, or 1.44 percent off of record lows. The company has shed nearly $6 per share from its opening price, and it is more than $10 from its highs set quickly after its debut.
From the Crunchbase Daily:
- Improbable raises $502M for virtual worlds
Improbable, a London-based startup that develops a platform for building virtual worlds, has raised $502 million in a SoftBank-led financing round that values the five-year-old company at close to $1 billion, TechCrunch reports.
Waymo, Uber dispute headed to trial
- Alphabet-owned Waymo’s lawsuit against Uber alleging theft of trade secrets about its autonomous driving technology is apparently going to trial, after a judge ruled Uber could not force the case into private arbitration. Uber could also face criminal charges, as the judge asked the US Attorney to examine whether the company broke the law and stole technology to build self-driving cars.
Tencent puts $90M into game studio Pocket Gems
- Game developer Pocket Gems has raised $90 in fresh funding from China’s Tencent at a reported valuation around $600 million. Tencent last put capital into San Francisco-based Pocket Gems in 2015, with a $60 million investment.
Ag-tech deals rise sharply this year
- Venture capitalists are getting heavily into farming. So far in 2017, Ag-tech startups raised more than $320 million, a more than three-fold increase over the same period last year, according to a Crunchbase News analysis. Funded technologies run the gamut from farm data aggregation tools to fruit-harvesting robots to next-generation feedstocks.
Featured Image via Flickr user Gage Skidmore under CC BY-SA 2.0. Image has been cropped.
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