Published: Thu, August 09, 2018
Markets | By Noel Gibbs

Snapchat’s Revenue Soars 44 Percent Despite Losing Users After App Redesign

Snapchat’s Revenue Soars 44 Percent Despite Losing Users After App Redesign

Revenues were also better than anticipated, coming in at $262 million where analysts had expected $250 million. The company reported 188 million daily active users, falling short of analysts' expectations of about 193 million. But the closely followed average revenue per user increased to $1.40 from $1.05 in the same quarter a year ago. Spiegel said the company is still getting feedback from customers about it, and will continue to improve it over time.

Snap (SNAP) has lagged behind its social media brethren this year while waiting for its retooled design to resonate with consumers. Snap declined to estimate user growth for next quarter, but noted that third-quarter earnings have historically "trended down" for the company. On two occasions, they plunged more than 20% after results were announced.

The prince built up his stake gradually, completing it in May when Snap's stock was near its low ebb. Shares closed at $13.12, up 7 cents, for the regular session. 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.

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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.

The deal comes as Snap posted second-quarter earnings on Tuesday that showed Snapchat had lost users.

Snap said Tuesday that third-quarter revenue would be $265 million to $290 million. "The number of people that watch Publisher Stories and Shows on iOS every day has grown by more than 15 percent this year", said Spiegel.

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"It's always going to be a niche platform, so the modest change isn't very remarkable", said Pivotal Research's Brian Wieser.

The company has been working to convince big advertisers to spend more of their budgets on Snapchat ads and reach the app's base of mainly 18-34-year-old users, but companies have largely considered the spending experimental.

Employees had griped about Snap's network of small, spread out offices in Venice.

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