*By Kavitha Shastry*
Shares of Snap rose after hours on news Amazon's Tim Stone will replace Drew Vollero as its chief financial officer.
Vollero, who has been with the company since 2015, will stay on as an adviser until mid-August. His departure is just the latest in a string of executive resignations at the company, which has struggled to find its footing since going public last March.
In its latest earnings report last week, Snap posted its lowest user growth rate on record, as a redesign to its app failed to generate the traction among its core consumer. The company posted a loss of 17 cents a share and revenues more than five percent below analyst estimates. The stock plunged to a record low after the report and closed Monday down 37 percent from its $17 IPO price.
Stone will take over as CFO on May 16 after 20 years with Amazon. He'd served as VP of finance at the e-commerce giant, having worked on last year's acquisition of Whole Foods and previously focusing on the company's expansion into physical stores.
Snap gave no reason for Vollero's leaving, nor any information on what he's doing next.
In a statement filed Monday, CEO Evan Spiegel said, “I am deeply grateful for Drew and his many contributions to the growth of Snap."
"He has done an amazing job as Snap’s first CFO, building a strong team and helping to guide us through our transition to becoming a public company.”
Darden, the parent company of chain restaurants like Olive Garden and Ruth's Chris Steakhouse, beat Wall Street estimates in its latest earnings report.
A former Facebook executive pled guilty to stealing more than $4 million from the company while she was employed there.
Rising safety concerns over water bead products marketed to kids have prompted major retailers like Amazon, Target and Walmart to pull some toys off their shelves.
The Congressional Budget Office said Friday it expects inflation to nearly hit the Federal Reserve's 2% target rate in 2024, as overall growth is expected to slow and unemployment is expected to rise into 2025, according to updated economic projections for the next two years.
Intel is out with a new product to challenge other big players in the space like Nvidia and AMD.
Stocks fell after the opening bell Friday but will end on another positive week.
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Americans picked up their spending from October to November as the unofficial holiday season kicked off, underscoring that shoppers still have power to keep buying.
The average long-term U.S. mortgage rate dropped below 7% to its lowest level since early August, another boost for prospective homebuyers who have largely been held back by sharply higher borrowing costs and heightened competition for relatively few homes for sale.
Mortgage rates have dropped below 7% for the first time since the middle of August.
