Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat
Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat
Jamie McCarthy Getty Images for Tribeca Film Festival
08 August, 2018, 16:23
The drop in daily active users is an unfortunate turn for the company, as it struggled with a tepid reaction to its app redesign late previous year as well as continuing problems with its Android app. The company reported188 million daily active users, falling short of analysts' expectations of about 193 million. Snap said new user retention for people over 35 has grown more than 8% since redesigning the app earlier this year. The stock price is now $13.12 per share.
Spiegel said Snapchat's drop in daily users "was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign". Analysts had expected Snap's user count to stay roughly the same in the second quarter after it rose by about 2% in the first quarter. This is a big one, considering all users see these but not all users necessarily purchase the premium filters that give you horns or make you a Scottish Fold.
Saudi Arabia's Prince Alwaleed bin Talal has bought a 2.3% stake in Snap - the company behind Snapchat - for $250m (£193m).
Snapchat ad prices are down 90 percent in the past two years as it adopts automation, which typically drives down pricing. Snap in first-quarter results said it would again adjust how it presents content.
On the upside, the company reported second quarter revenues of $262.3m against analyst estimates of $249.8m, up 44% over the same period a year ago, and a loss of $0.14 earnings per share against a loss estimate of $0.18.
Earnings from Facebook and Twitter in recent weeks spooked social media investors by showing issues around data privacy, abusive content and phoney accounts were weighing on user growth and sending expenses higher.
Snap also released guidance for Q3 2018 for the first time.
Tuesday also brought the surprise news of a $250 million investment in Snap by the Saudi Prince Alwaleed bin Talal. It reported an adjusted loss of 14 cents a share, which was better than the average analyst expectations of a 17 cents a share loss, according to surveys by Thomson Reuters. Snap later made updates to roll back some of the more unpopular changes, but the damage was done.
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