Discussions over this additional funding are continuing. Shareholders agreed to pump in £500m into Thames in June last year as part of a deal welcomed by the industry regulator Ofwat.Īt the time, Thames said that there was “the prospect of a further £1bn of equity to follow subject to performance milestones”. Investment bank Rothschild and law firm Slaughter & May are advising on funding options for the business, with a £1.4bn bond due to be repaid by the end of next year.Įxperts from the restructuring business Alix Partners are providing support on the operational turnaround of the business, the Telegraph can disclose. Thames Water’s owners – which include China’s state-owned sovereign wealth fund – are considering whether to provide an additional £1bn that could be used to improve services and pay down a £14bn debt pile. Ms Bentley stepped down just weeks after saying she was part of a “relatively new team” trying to improve the fortunes of Thames Water, which has been rocked by repeated recriminations over dumping sewage and banning hosepipe use at a time when it had failed to fix leaks. The Government is understood to have begun drawing up contingency plans for the collapse of the company if the stand-off over its debts cannot be resolved.
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Sarah Bentley’s surprise departure comes amid long-running talks between the owners of Britain’s biggest water company about how to pay for additional investment in the company. Based on after-hours pricing, the company is now worth $20 billion.The boss of Thames Water has quit as the company races to raise £1bn from its shareholders. Snap's market cap peaked at $136 billion in September. Meta and Pinterest shares fell 5% in after-hours trading on Thursday while Alphabet shares declined 2.9% and Twitter dropped 1.5%. Twitter is set to report results Friday morning, followed by Alphabet and Meta next week.
Investors will soon get a clearer picture of the online ad environment. Snap revealed new desktop app shortly after it debuted its Snapchat+ paid subscription plan, which costs $3.99 a month and lets people access early features and see who has viewed their Snaps. And for their new employment contracts, Spiegel and Murphy will receive an annual salary of $1 and no equity compensation.Įarlier this week, Snap debuted Snapchat for Web, a desktop version of the mobile Snapchat app that people can use to send messages and make video calls with their Snap contacts. Snap also announced a stock repurchasing program of up to $500 million. "In certain high-growth sectors, businesses are reassessing investment levels amid the rising cost of capital, which is further reflected in campaign budgets and the level of bids per action," Snap said. Snap said that even some relatively healthy businesses were curbing their commitments because of the "input cost pressure due to inflation."
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Additionally, a challenging economy, Apple's 2021 iOS update and increased competition from companies like TikTok have led marketers to pull back on their spending. Snap attributed its disappointing results to slowing demand for its online ad platform. The company said it now plans to "substantially slow our rate of hiring, as well as the rate of operating expense growth." "The second quarter of 2022 proved more challenging than we expected," Snap said in the investor letter. At the time, Snap cited a macroeconomic environment that was deteriorating much faster than expected. In May, Snap said it wouldn't meet the second-quarter guidance it set the prior month, leading to a 43% plunge in the share price.
It's the latest chapter in a tough year for Snap, whose stock has lost almost two-thirds of its value in 2022. "We are not satisfied with the results we are delivering, regardless of the current headwinds," the company said in the letter.
Analysts were expecting sales growth of 18% for the third quarter, according to Refinitiv. In its investor letter, Snap said it's not providing guidance for the third quarter because "forward-looking visibility remains incredibly challenging." The company said that revenue so far in the period is "approximately flat" from a year earlier.
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