Published: Fri, May 19, 2017
Markets | By Noel Gibbs

Snap shares plummet after net loss

Snap shares plummet after net loss

Its user numbers also came in light.

Imran Khan, chief strategist at Snap, added: "We made good progress this quarter improving the performance and quality of our Snapchat application, especially on Android, which has helped result in increased net user adds and engagement", according to CNBC.

Snap's first set of results had been nervously awaited for any signs that Facebook's attack had damaged it, and traders responded by sending shares down by over 24pc, hovering just above the $17 the company floated at.

Unfortunately for its shareholders, SNAP stock missed that mark too.

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But leading up to the earnings report, all eyes were on the one deadly sin for an Internet company: slowing user growth.

"When we talk about growth. we want to use creativity" to boost Snap's number of daily users, Spiegel said.

But according to the company's initial public offering (IPO) filing, the number of daily active users grew almost 48 percent in the final quarter of a year ago and rose approximately 63 percent in the quarter before that. These companies launched Snapchat-esque features which allow users to take a photo and send it to someone, or display it at the top of the app as a "story".

Most of the company's losses went in compensation to Snap's staff after the IPO. Last month, Instagram stories surpassed Snapchat stories with 200 million users.

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All the copying appears to be paying off for Facebook.

In the first 3 months of 2017, Snapchats daily active users increased by only 36.1 percent, continuing a downward spiral evident in the second half of 2016 (62% in Q3, 47% in Q4).

He said he's seen a lot of teens replace the telephone icon at the bottom of their phones' most-used apps with the Snapchat app.

"Just because Yahoo has a search box doesn't mean they're Google", he said. I use USA and Canada because that's where Snap's target market appears to be. Stories is a valuable feature for Snapchat because it lets brands buy and place ads in between posts within someone's daily story.

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Rob Sanderson, an analyst at MKM Partners, says investors are anxious that unless [the company] quickly starts adding users, Snap's ability to sell more advertising will stabilize at some point.

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