Wealth accumulation in the tech world has been eye-popping this year as the shift of everything from work, shopping, schooling and entertainment online in the Covid-19 economy has boosted demand for digital services. Zoom Video Communication Inc.’s Eric Yuan added US$6.6 billion to his net worth in just one day last month, and Amazon.com Inc.’s Jeff Bezos, the world’s richest person, saw his fortune swell by US$75 billion in 2020 to US$190 billion.
Snap, whose Snapchat is used to send photos and videos that disappear within seconds, said its net loss narrowed to US$200 million, or 14 cents a share. The company posted profit of 1 US cent a share excluding some costs, beating the 5 cent loss that analysts predicted. If the positive advertising trends continue, fourth-quarter revenue may jump 47% to 50% from the same period last year, Snap added.
