Snap says the CFO plans to leave, shares fall into late trading

Snap Inc.

SNAP, + 3.65%

revealed Tuesday afternoon that CFO Tim Stone is planning to leave the company to "pursue other opportunities." Stocks fell in late trading after the announcement, showing a decline of 3% to 8%. In a filing with the Securities and Exchange Commission, Snap said that a date for Stones departure is not set and that the official will remain at least through the earnings statement scheduled for the next month. Stone has been on Snap for less than a year after being lured from Amazon.com Inc.

AMZN, + 3.55%

in May 2018. Stone was one of the most prominent representatives to come to Snapcat's parent company last year, when a wave of senior executives created concerns about the company's future. "Tim has had a huge impact on his short time on our team and we are very grateful for all his hard work," said CEO Evan Spiegel in an email to the employees who were shared by a snap spokesman on Tuesday. "I know we all enjoyed his customer focus and the way he encouraged us to operate as owners." Snap also said in the archives that its financial performance would be close to the top of the forecast: "We are completing the quarterly results for the fourth quarter of 2018 and expect to report revenue and adjusted EBITDA results that are slightly favorable for the top of our previously reported quarterly guidance areas for each. "Snap shares achieved 3.7% in Tuesday's ordinary session, but fell in retrospect after disclosure.

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