Snapchat Parent Snap Posts Its First Loss in Daily Active Users
Snapchat Parent Snap Posts Its First Loss in Daily Active Users
Snapchat lost 3 million daily users in the past three months
09 August, 2018, 04:10
But daily Snapchat users fell to 188 million in the second quarter from 191 million in the prior quarter, Snap said, which could heighten investor anxiety about how competition and privacy issues are affecting Snap and its peers.
News also broke shortly after the earnings report; Saudi Prince Alwaleed tweeted that he had purchased a 2.3% stake in the company for $250 million.
Snap Inc hasn't been doing great, to say the least.
Snap's stock was all over the map following its earnings. The three months ending in June was the first full quarter in which all users shifted to a new version of Snapchat that separates content from a user's friends and from public figures.
Snap is battling for relevance against Facebook-owned Instagram, and many analysts had expected active daily user numbers to be flat. That's a 44 percent year-over-year increase and an 11.9 percent increase from last quarter. 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".
The Los Angeles-based social network reported $262 million in revenue, beating the $250.4 million expected by analysts, and lost 14 cents per share.
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The earnings report didn't have any specific sales figures for its latest Spectacles hardware, though it did report $2 million in non-advertising revenue.
His investment comes about three years after he met Snap chief executive Evan Spiegel and chief strategy officer Imran Khan, when the two executives visited Saudi capital Riyadh.
"On the positive side, Story Ads transitioned to programmatic (75% of ad revenue now programmatic), Snap Pixel entered general availability, and the self-serve platform saw some updates in the quarter".
Snap had never before logged a quarterly drop in daily users, according to data it has released going back to 2014. A change.org petition to reverse the update gained more than 1 million signatures, and several of Snapchat's most prominent users publicly questioned the company's future.
Ahead of the release of the results on Tuesday, the self-described camera company warned year-over-year growth had slowed down "significantly" from the first quarter's 54%.
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