Friday, 25 May, 2018

Snap First-Quarter Earnings Miss On Revenue As Stock Crashes

Snapchat CEO Evan Spiegel Snapchat CEO Evan Spiegel
Cristina Norman | 02 May, 2018, 02:01

Snap posted a loss of 17 cents per share, in line with Thomson Reuters.

Snapchat's infamous redesign is officially hurting its business.

The company's revenue for the last three months of 231 million dollars (£170m) was also down 19% on the previous quarter's 286 million (£210m), which the social media platform partially put down to its controversial redesign.

The number of daily active users rose to 191m from 166m in the same quarter of a year ago, falling short of consensus expectations of 194.15m, according to Reuters. GBH Insights called the metric "disappointing" in an investor note, and said it speaks to Snap's user growth problem, which is a "major black cloud" over the company.

Year-over-year revenue growth will likely slow substantially in the second quarter, chief financial officer Drew Vollero said in prepared remarks, because of weaker pricing for ads and custom creative tools. User growth rose 5% in the last quarter of 2017 and 3% in the third quarter. Snap said the redesign impacted its revenue by "disrupting user behavior" and creating some apprehension among its advertisers.

The daily active users figure also came in below Wall Street's expectations of 194 million. Celebrities like Kylie Jenner have publicly tweeted about disliking the redesign, causing Snap's stock to plummet 6.1% in a single day.

"We are already seeing signs of stabilization among users, but still have work to optimize design among Android users", Spiegel told reporters and investors.

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