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Snapchat Loses 3 Million Daily Users, But Posts Q2 Earnings Beat
09 August 2018, 04:13 | Kelvin Horton
A sign with a Snapchat logo hangs on the front of the New York Stock Exchange in 2016
Snap narrowed adjusted losses to 14 cents per share on a 44% hike in revenue to $262.3 million. The company is expecting revenues of between $265 million and $290 million for the quarter, and an EBITDA loss of between $185 million and $160 million.
Snap reported188 million daily active users during the last quarter - falling short of Wall Street's expected 192 million and dropping from last quarter's 191 million.
With self-service ads, Snap has been able to grow revenue in regions such as Australia and the Middle East, where direct sales efforts are more limited and advertisers have few other options to market to its mainly 18-34-year-old users. "We are learning a lot as we continue to iterate based on customer feedback", Spiegel said about the smart glasses.
Snap (SNAP) has lagged behind its social media brethren this year while waiting for its retooled design to resonate with consumers.
Shares in Snap climbed more than 12 percent in after-hours trading before reversing course and going flat.
Snapchat was forced to redesign the new look, but not before it started to experience a decline in users at the end of the first quarter, which continued into the latest quarter. Snap recently appointed a new chief financial officer, Tim Stone, who was previously at Amazon.
But some analysts on Tuesday brushed off Snap's user drop, saying that Snapchat always had more limited appeal than larger rivals.
Snap only brought in $2 million in non-advertising revenue.
While there has been quite a bit of noise in regard to social media stocks lately, with Facebook taking the lead in the downtrend, Snapchat has pulled off a relatively impressive quarter, making this last quarter a quarter to remember for team Snapchat. It is also an increase of 13.6pc on the results from Q1 2018.
"We thought the commentary around the Android rebuild indicated that we might be waiting about a year before we can expect to see the benefit from those efforts (and in the near term, DAUs should be down again next quarter)", Mark Kelley, an analyst at Nomura Instinet, said in a note to clients Wednesday. 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.
Employees had griped about Snap's network of small, spread out offices in Venice.
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