Snapchat stock pops despite drop of 3 million users
08 Agosto, 2018, 09:23 | Author: Arnold Perez
The platform has been under pressure from Facebook's line-up of apps, which have aggressively competed with Snapchat for millennial social media users in recent years. 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.
But the share prices gave up much of those gains soon after, as the news sunk in that the company's user base wasn't growing as expected, with Snapchat losing daily active users quarter-over-quarter for the first time in its history.
Features that many used on a daily basis were moved to different parts of the app, causing confusion among its loyal users.
The company behind Snapchat posted revenue of $262.3 million in the period, also topping the estimate of $247.2 million.
"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", CEO Evan Spiegel said on a call with investors.
The Los Angeles-area company beat Wall Street's expectations for both revenue and losses, and its share price surged by more than 13% on the news in after-hours trading to almost $15, before briefly stabilizing around $14 - an overall gain of about 6%.
"Snap has a major app redesign in process which remains one of the linchpins for future success and monetization, although it has encountered clear speed bumps on this front", said Daniel Ives, chief strategy officer at GBH Insights.
A cold front arrives in the afternoon, spreading showers and thunderstorms, especially in our Metro and South Zones. We are watching a non-tropical, surface low pressure system centered about 1200 miles southwest of the Azores.
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