Snapchat loses three million users in three months

Snapchat Parent Snap Posts Its First Loss in Daily Active Users

Snapchat Parent Snap Posts Its First Loss in Daily Active Users

Snap did reveal that 11 of its Shows now have a monthly audience of over 10 million users, which is up from the 7 million in last quarter. A Zacks Investment Research estimate showed an expected a loss of 17 cents per share.

Snap Inc. on Tuesday reported a better than expected loss of $353.3 million in its second quarter, sending the stock up as high as 6 percent in after-hours trading.

Despite this miss, the stock is now rallying in after-hours trading. This is over 20pc lower than the previous quarter, when Snap lost $443,093. Still, analysts expressed concern that advertisers and users prefer Facebook Inc's Instagram app over Snapchat. Snap CEO Evan Spiegel blamed the decline on "the disruption caused by our redesign" in prepared remarks for Tuesday's earnings call. Spiegel said the company is still getting feedback from customers about it, and will continue to improve it over time.

There was a small silver lining, too.

The company has struggled with a rocky redesign widely criticized by users. The makeover was meant to attract new users while addressing concerns about lackluster audience growth and criticism that the app was too hard to use.

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Snapchat responded with a few design tweaks to appease users, such as making it easier to find Stories.

Rival image and video app Instagram introduced Stories - its own version of Snapchat's Story feature - two years ago, and it has since grown to have a larger user base than the whole of Snapchat.

"Snap has a major app redesign in process which remains one of the linchpins for future success and monetization, although it has encountered clear speed bumps on this front", said Daniel Ives, chief strategy officer at GBH Insights.

Its results come at the tail end of a brutal earnings season for Silicon Valley, which saw huge chunks torn off the valuations of Twitter and Facebook following disappointing numbers. Facebook suffered the single biggest wipeout in stock market history following its earnings report. I guess it's a big day for Saudi investments.

Saudi Arabia's Prince Alwaleed bin Talal, a well-known tech investor, announced on Tuesday that he had invested $250 million into the company, in return for a 2.3% stake.

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