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Inside Snap (Jul 27th, 2017)

Facebook Inc. (FB) reported revenue increased 44.8 percent in the second quarter, pushing the stock to all-time highs in Thursday's session. Facebook’s user base increased 17 percent from the year prior, with about 2.01 billion daily users, the company reported. Earnings were $1.32 per share, topping the Street view of $1.13 per share. Mobile ad revenue was $8 billion. Facebook shares are up 52 percent so far this year. Snap shares are down 45 percent since its IPO in March. – BUSINESS INSIDER

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FTSE Russell confirmed it will exclude Snap Inc. (SNAP) from its stock indexes, which are widely followed by investors and Wall Street analysts. The stock index provider cited the fact that the company has an unusual share ownership structure that does not allow shareholders to vote. FTSE Russell said the decision was based on feedback from its clients. It will now require any new companies added to its indexes to give at least 5 percent of voter rights to public shareholders. Companies that are already included in the indexes will have five years to meet those criteria. – REUTERS

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Snap Inc. has lost its top lawyer, Chris Handman, who is stepping down just a few months after the company’s IPO. Handman said he was leaving for personal reasons and will continue to serve as an advisor to Snap. A spokesperson told Business Insider that Handman “has built an incredible legal team, played an integral role in taking the company public, and has been a valued member of Snap's leadership.” Snap’s legal team was pivotal in the company's IPO process as well as its numerous mergers and acquisitions. Handman had been with Snap since mid-2014. – BUSINESS INSIDER

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Twitter Inc. (TWTR) likely has fewer daily users than Snapchat. Twitter does not report its specific daily active user numbers, but it does report its total user base and its daily active user growth. Twitter said the number of its daily active users grew 12 percent in the second quarter from the year prior while its monthly active users grew 5 percent. Its monthly active users now total 328 million. According to Recode's math – which includes a ratio of daily active users to monthly active users (44 percent) the company Tweeted in 2015 – Twitter likely has 157 million daily active users. Snapchat last reported 166 million daily active users. Twitter's monthly active users, while up from a year prior, were flat from the previous quarter, as ad revenue declined. Twitter's shares plunged more than 13 percent in Thursday's session. – RECODE

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A Catholic school in California that grew a $15,000 investment in Snap Inc. to $34 million is trying to determine what to do with the funds. St. Francis High School invested in Snap five years ago and hit the windfall when the company went public in March. Some are suggesting the school waive tuition for students. Others are proposing a new chapel and new science labs for students. The school sold about $24 million worth, or two-thirds, of its shares during the IPO. The remainder will be available to sell when the lock-up period ends by the end of this month, but the school has not decided whether it will sell the remainder of its shares then. – WSJ

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