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Snap Shares Falls Down to An All Time Low

After dropping as much as 8.6 per cent to bottom out at an all-time low of $6.84 per share, the social media company's stock recovered to close at $7

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Snapchat, snap shares
Snapchat made more interactive with 2 new features. Pixabay

 Photo-messaging app Snapchat’s parent company Snap shares fell to an all-time low after an analyst commented that the company may run out of cash by 2020.

Snap shares tumbled more than six per cent on Tuesday after a Wall Street analyst said the Snapchat parent was “in danger of running out of cash by 2020”, NYpost.com reported.

Last week, Snap CEO and Co-Founder Evan Spiegel told employees in a 15-page memo that the company is gunning for “full-year profitability” in 2019.

Snapchat, snap shares
Snapchat on a smartphone device. Pixabay 

Instead, Snap is poised to fall “woefully short” of that goal, losing a projected $1.5 billion next year, according to Michael Nathanson of research firm MoffettNathanson.

Snap is not only “running out of money” but also lacks “options to rectify its cash burn problem,” Nathanson was quoted as saying.

After dropping as much as 8.6 per cent to bottom out at an all-time low of $6.84 per share, the social media company’s stock recovered to close at $7 — 59 per cent below Snap’s IPO price of $17 per share in March 2017.

Also Read: Snapchat Expanding Its ‘Our Story’ Feature

Nathanson called Facebook the cause of Snap’s woes — the result of its having “unashamedly copied promising product features, such as Stories, and deployed them across its platform.” (IANS)

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Amazon Partners With Onida to Unveil Fire TV Edition Smart TVs in India

The TV features Dolby Digital Plus and DTS TruSurround sound for a superior sound experience

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Amazon
"Onida is excited to work with Amazon to bring the Fire TV experience to India. We have over 38 years of experience building TVs in India and the Onida Fire TV Edition brings superior picture quality and sound output to customers, at affordable prices," said Sunil Shankar, Business Head, MIRC Electronics Ltd. (Onida). VOA

Amazon has partnered with Onida to launch its Fire TV edition Smart TVs in India at a starting price of Rs 12,999.

The TV will be available in 32-inch variant for an introductory price of Rs 12,999 while the 43-inch version will be available for Rs 21,999 starting December 20.

“We are very excited to bring the complete Fire TV experience on Onida TVs in India. With Fire TV Edition’s excellent picture quality and immersive sound experience, customers can enjoy all their favourite content in one place, whether it is streaming content from popular apps like Prime Video, Hotstar, Sony Liv, Zee5 and more, or switching to DTH/cable connection for live TV,” Parag Gupta, Head of Amazon Devices India, said in a statement on Wednesday.

The Onida Fire TV Edition has Fire TV built-in, thus, enabling the users to easily find and watch their favoruite movies and TV shows from OTT platforms like Prime Video, Hotstar, Netflix, YouTube, Sony Liv, Zee5, and Sun Nxt among others.

Amazon
Amazon has partnered with Onida to launch its Fire TV edition Smart TVs in India at a starting price of Rs 12,999. (Representational Image). Pixabay

“Onida is excited to work with Amazon to bring the Fire TV experience to India. We have over 38 years of experience building TVs in India and the Onida Fire TV Edition brings superior picture quality and sound output to customers, at affordable prices,” said Sunil Shankar, Business Head, MIRC Electronics Ltd. (Onida).

ALSO READ: Smoking and Stress Lead to Greying of Hair: Experts

The device comes with built-in WiFi, 3 HDMI ports, 1 USB port and 1 earphone port to enable customers connect DTH or cable set top boxes, gaming consoles, sound bars and home theatre systems.

The TV features Dolby Digital Plus and DTS TruSurround sound for a superior sound experience. (IANS)