Snapchat Parent Snap Posts Its First Loss in Daily Active Users

Snapchat Parent Snap Posts Its First Loss in Daily Active Users

The number of daily active users fell 2% in the latest quarter to 188 million, coming in below Wall Street's expectations of 193 million users.

Despite the massive drop in users, Snap Inc reported a narrower loss per share than investors expected, causing Snap Inc's stock to increase by 11% in after-hours trading.

Offering more ways for advertisers to purchase ads has boosted revenue this year by drawing small brands looking for cheap commercial time. That 188 million daily active user number is 8 percent higher than this time previous year, and CFO Tim Stone said that monthly active users are now up to 100 million in USA and Canada.

Snap disclosed Tuesday that the app lost 3 million of its daily active users due in large part to its controversial redesign.

Separately, Saudi billionaire Prince Alwaleed Bin Talal said he invested $250 million for a 2.3 percent stake in the social-media company. The company also said its cash burn was up to $234 million from $229 million in the same quarter of 2017.

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Its revenue was $262 million in the second quarter, beating the average estimate of $250.43 million, as average revenue per user surged to $1.40 from $1.05 a year ago. Its shares are down almost 10% for the year, as of Tuesday morning, while Facebook (FB) stock is up 5% despite a quarterly bloodbath last month. Speaking six months after the relaunch, he added: "We have been working hard to iterate and improve Snapchat based on the feedback from our community". Snap recently appointed a new chief financial officer, Tim Stone, who was previously at Amazon. After initially shooting up more than 10 percent following the unexpected revenue beat, it then dipped to below its closing price before ticking back up slightly.

"It's always going to be a niche platform, so the modest change isn't very remarkable", said Pivotal Research's Brian Wieser.

The drop in daily active users is an unfortunate turn for the company, as it struggled with a tepid reaction to its app redesign late previous year as well as continuing problems with its Android app.

Since then, the company has also launched a second-generation pair of its Spectacles, camera-enabled sunglasses that can upload content directly to Snapchat, in an attempt to diversify beyond software.

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