Recode reports: “How do you lose more than $2 billion in your first quarter as a public company? By paying out $2 billion in stock to your employees. That’s the short story behind the $2.2 billion first-quarter loss Snap posted today. The bulk of that came from $2 billion in stock that the company recognized on its books on the date of its ‘qualifying event’ — when it went public earlier this year. If you pull out those payments, and some other costs, Snap’s loss is a more palatable $188 million.”

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