Snapchat Loses 3 Million Daily Users, But Posts Q2 Earnings Beat

Jamie McCarthy  Getty Images for Tribeca Film Festival

Snap reported 188 million daily active users during the last quarter - falling short of Wall Street's expected 192 million and dropping from last quarter's 191 million. Snap in first-quarter results said it would again adjust how it presents content.

Offering more ways for advertisers to purchase ads has boosted revenue this year by drawing small brands looking for cheap commercial time. Users spend an average of over 30 minutes on Snapchat every day, he added, and user retention for people older than 35 has increased more than 8 percent. Critics in the past have anxious about Snap keeping user engagement up, keeping the users coming back and keeping them using the application, which is declining in some areas while growing in others, leading investors to boost the stock up in after hours trading although it has since levelled back to around the closing price.

Saudi Arabia's Prince Alwaleed bin Talal announced soon after the second-quarter results that he had finalized a $250 million (roughly Rs. 1,700 crores) deal in May to buy a 2.3 percent stake in Snap. The company also said its cash burn was up to $234 million from $229 million in the same quarter of 2017. The company beat analyst expectations on revenue, reporting $262 million in revenue, compared with analysts' expectations of $251 million.

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Despite this, it grew average revenue. Snap stock was trading at just over $13 a share ahead of Tuesday afternoon's report, down from a 52-week high of $21.22. "It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from our community". Snap recently appointed a new chief financial officer, Tim Stone, who was previously at Amazon.

Snap did reveal that 11 of its Shows now have a monthly audience of over 10 million users, which is up from the 7 million in last quarter. "We saw and continue to see Snap as a niche platform".

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". He also chairs the Kingdom Holding Company.

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