Snapchat drops daily users for first time after controversial redesign

08 August, 2018, 09:27 | Author: Eric Barnett
  • Snapchat Parent Snap Posts Its First Loss in Daily Active Users

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. It also recorded a narrower loss per share than analysts expected. 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 U.S. and Canada. The redesign was widely considered a bust, with famous and everyday users complaining about the confusion caused by the new placement of some of their favorite features.

Snap lost about 1 million users in each of its three geographic reporting regions: North America, Europe and rest of world.

Analysts did not have high hopes for the company's results, and expected flatlining daily active user numbers as it continues to struggle against Facebook-owned Instagram.

The social media giant also revealed its net loss had fallen by 20% on the same period past year, down to $353.3m from $443m.

"We feel that we have now addressed the biggest frustrations we've heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people", CEO Evan Spiegel said of the company's subsequent attempts to walk back some of the more unpopular aspects of Snapchat's redesign.

There was a small silver lining, too.

After a tumultuous first year as a public company, Snap is starting to show some stability, despite the slowdown in user growth. After the report was released, Snap's stock price rose slightly to $13.20 from the regular session's close of $13.12.

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

Even before its earnings report, news shot around the internet that the social network had failed to properly lock down its iOS app, leaking portions of the source code to its app. He made the $250 million investment on May 25.

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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