Sunday, 19 August, 2018

Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat

Jamie McCarthy  Getty Images for Tribeca Film Festival Jamie McCarthy Getty Images for Tribeca Film Festival
Rhonda Young | 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 reported 188 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).

Malaysia's former PM Najib charged with 3 counts of money laundering
Najib, 65, had pleaded not guilty to abuse of power and three counts of criminal breach of trust last month. He appeared at the MACC office in Kuala Lumpur on Tuesday after he was summoned by the anti-graft agency.

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.

Transfers: Burnley turn to Hart to ease keeper crisis
However, a series of high-profile errors prior to the arrival of Pep Guardiola meant that his place at the club has been perilous in recent years.

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.

NASCAR CEO Arrested for DWI, Drug Possession
Brian France replaced his father, Bill France Jr., who ran NASCAR for 31 years before turning leadership over to his son. France took over in 2003 as chief executive of the stock-car racing series founded by his grandfather.

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