Social Networks

Thursday, October 21, 2021 The U.S. Department of Justice (“DOJ”) Office of Public Affairs issued a press release two days ago, October 19, 2021, announcing a settlement with Facebook involving their recruiting practices to qualify foreign nationals for permanent residence (green card) status in the U.S. This settlement involves a civil fine of $4.75 million payable to the U.S. government, plus an additional payment of up to $9.5 million to eligible victims. This settlement ends a lawsuit filed by the DOJ against Facebook in December of 2020. Most employment-based green cards for permanent residence in the U.S. require employers to test the labor market to ensure no U.S. workers are qualified and available for an advertised position. This process is known as PERM Labor Certification and is under the U.S. Department of Labor’s (“DOL”) jurisdiction. DOL has very specific rules for PERM recruiting; these rules must be followed specifically, otherwise, labor certification will be denied, and the employer will not be able to proceed with the permanent residence process.  » Read More

Daily Active Users increased 23% year-over-year to 306 millionRevenue increased 57% year-over-year to $1,067 millionNet loss improved 64% and Adjusted EBITDA improved 209% year-over-yearSANTA MONICA, Calif., October 21, 2021--(BUSINESS WIRE)--Snap Inc. (NYSE: SNAP) today announced financial results for the quarter ended September 30, 2021.Financial HighlightsRevenue increased 57% to $1,067 million in Q3 2021, compared to the prior year.Net loss improved 64% to $(72) million in Q3 2021, compared to the prior year.Adjusted EBITDA improved 209% to $174 million in Q3 2021, compared to the prior year.Operating cash flow was $72 million in Q3 2021, compared to $(55) million in the prior year.Free Cash Flow was $52 million in Q3 2021, compared to $(70) million in the prior year.Common shares outstanding plus shares underlying stock-based awards totaled 1,698 million at September 30, 2021, compared to 1,624 million one year ago."Snap celebrated its 10th anniversary this quarter, and we are excited about the long-term opportunity and potential for our business, as we grew our community to 306 million daily active users, and grew our revenue 57% year-over-year to reach $1.067 billion for the quarter," said Evan Spiegel, CEO. "We’re now operating at the scale necessary to navigate significant headwinds, including changes to…