Snap loses 3 million daily users in Q2, but beats revenue expectations

Snap loses 3 million daily users in Q2, but beats revenue expectations

Snap loses 3 million daily users in Q2, but beats revenue expectations

Prince Alwaleed bin Talal, the Saudi investor, disclosed a $250 million stake in Snap last night as the company reported an unexpected decline in users of its Snapchat app. That 188 million daily active user number is 8 percent higher than this time past year, and CFO Tim Stone said that monthly active users are now up to 100 million in United States and Canada.

Snap blamed the decline on the "disruption" caused by its redesign. That redesign, which the company had launched at the beginning of this year, had led to a widespread backlash, which included celebrities like Kylie Jenner and Chrissy Teigen publicly chastising the company.

"One of the most important things about the redesign is that we're surfacing the right content to the right people as quickly as possible", said Spiegel, noting the revamp has lead to an increase in users 35 and older sticking around longer, which has always been a hope for the company.

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The company also tried to deflect from its growth problems by announcing that it had 100 million monthly active users in North America at the end of the quarter.

More than six months later, Snap is now blaming the same design for a decline in its daily active users.

The social media giant also revealed its net loss had fallen by 20% on the same period previous year, down to 353.3 million dollars (£273m) from 443 million (£342.3m). Snap lost $353 million (roughly Rs. 2,400 crores) in the quarter, or 27 cents (about Rs. 18) per share. The company had previously warned that its revenue growth would decelerate in Q2.

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Snapchat's controversial redesign has sent users running for the exits.

Eleven of Snapchat's shows reached an audience of over 10 million users during the quarter, compared to seven shows in Q1.

Average revenue per user (ARPU) increased 34 percent from the second quarter of 2017.

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Advertising revenue is up 48 percent year-over-year as well, making the platform all the more enticing to the potential advertiser. That's despite the introduction of a new model of Spectacles this quarter. Spiegel said the company is still getting feedback from customers about it, and will continue to improve it over time.

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