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Recode Daily: The real reason Snap lost $2 billion

Plus, which Big Five tech giant would you drop first?

Snapchat Parent Snap Begins Trading On New York Stock Exchange Photo by Drew Angerer/Getty Images

Days before being fired by President Trump, FBI director James Comey asked for more resources for the bureau’s investigation into Russian interference in the presidential election. Here’s a countdown to the dismissal. Vice President Mike Pence and son-in-law Jared Kushner were for the firing, Steve Bannon advised waiting. [The New York Times]

Snap’s stock slumped more than 21 percent in after-hours trading after reporting a more than $2 billion loss in its first-ever earnings report. That loss was mostly because of stock-based compensation — including a huge bonus for CEO Evan Spiegel — that had to be recorded in the IPO quarter. On the earnings call, Spiegel said he’s not scared of Facebook, which has been copying Snapchat’s best features. [Kurt Wagner / Recode]

Some of Ubers in-demand self-driving engineers are actively looking to leave the company, in part because of a lawsuit brought by rival Alphabet. Meanwhile, Alphabet’s test fleet of self-driving Google cars now have three million miles of public-roads experience. [Johana Bhuiyan / Recode]

Microsoft said that 500 million devices are running Windows 10; the company claimed it would have a billion devices on the OS by 2018. Expect more announcements today from its Build developers conference. [Tom Warren / The Verge]

Online fashion startup Stitch Fix hasn’t raised any funding since a $25 million round in 2014; it turns out that the company has been cash-flow positive since then, and is profitable, with revenue experiencing torrid growth. Barring an acquisition offer, the next stop may be a 2018 IPO. [Jason Del Rey / Recode]

On the latest episode of Recode Media with Peter Kafka, comedian W. Kamau Bell talks about being a podcaster, stand-up comic and host of the CNN documentary series “United Shades of America.” Listen now on Apple Podcasts, Google Play, Stitcher, SoundCloud, or Overcast. [Eric Johnson / Recode]

Top stories from Recode

More from Snap’s earnings call: Its Spectacles business isn’t a big business. Probably around 60,000 pairs sold last quarter.

Time Inc. is now worth far less than what buyers offered. Time rebuffed an $18-a-share offer from Meredith. Now it’s trading at about $13.

The FCC is being flooded by fake, vicious comments as it begins debating net neutrality. Here we go again.

More than half of all Americans can get internet video on their TV — but they’re still mostly watching plain old TV. People who do stream online video — like Netflix — are doing so more often.

Alphabet’s Verily more than doubled its headcount in two years to 500 staffers. It’s not clear whether the life sciences company continues to be profitable.

Companies using AI will add more jobs than they cut. As companies embrace automation to stay competitive, these changes will eventually create more jobs than they destroy.

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Which Big Five tech giant would you drop first? Take this fun and revealing interactive quiz: If an evil monarch forced you to choose, in what order would you give up these inescapable giants of tech — Apple, Amazon, Facebook, Microsoft and Alphabet, the parent company of Google. [Farhad Manjoo / The New York Times]

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