Snapchat’s Controversial Redesign Blamed for Loss Millions of Active Users
08 August, 2018, 16:27 | Author: Brooke Harris
But it posted otherwise unusually strong numbers - as well as a $250 million investment from a Saudi prince - that sent its stock soaring as much as 13%, before it came crashing down and bouncing all over the place again following renewed concerns around daily user numbers going forward.
Saudi Arabia's Prince Alwaleed bin Talal announced soon after the results that he had finalized a $250 million deal in May to buy a 2.3 percent stake.
"It gives an incredible opportunity for advertisers to come and win on our platform", Chief Strategy Officer Imran Khan told analysts on a webcast on Tuesday. Snap declined to estimate user growth for next quarter, but noted that third-quarter earnings have historically "trended down" for the company.
Snap also has been redesigning its app to encourage users to interact with more of its ad-supported videos.
However, there was positive news elsewhere in the results as parent company Snap Inc reported revenue of 262.2 million dollars (£202.6m), up 44% on this time previous year and above analyst expectations. Also, overall revenue is now $262 million this quarter. 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.
The company said users logging in at least once a day dropped for the first time, hitting 188 million over the three months ending June 30, down from 191 million earlier this year.
The company cautioned that usage tends to slow in the third quarter, but did not make a specific forecast.
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.
But some analysts on Tuesday brushed off Snap's user drop, saying that Snapchat always had more limited appeal than larger rivals. It will be interesting to see if this trend of desiring privacy in the modern era will continue, or if Facebook and Twitter are just waiting to pounce.
Snap has been working to convince big advertisers to spend more of their budgets on Snapchat ads and reach the app's base of mainly 18-34-year-old users, and it beat analyst revenue forecasts as it drew in more worldwide and small business advertisers.
Employees had griped about Snap's network of small, spread out offices in Venice.
This seems to back-up previous rumours that Samsung Galaxy Note 9 users will be able to connect to DeX simply with a USB-C cable. And now, let's talk about the pricing: the device will be available for £899, with the 512GB model coming in at £1099.
Jose Mourinho has pleaded with United chief Ed Woodward to bring in some new faces to Old Trafford before Thursday's deadline. Of course, he respected the big [Wayne] Rooney and then Zlatan [Ibrahimovic] wanted to have it.
Usmanov, who has made several attempts to buy out his rival in the past, will receive £550million for his stake in the club. Kroenke said in a statement: "We at KSE are moving forward with this offer leading to 100% ownership of the club".
Chinese officials are trying to reassure markets and the local population that the US moves would have little impact. The deficits between the United States and Trump's main trade adversaries are also growing.
Brooks also alleges that he was sacked when he wouldn't agree not to sue, according to Associated Press reports . Representatives for Furman, Depp, and Good Film Productions did not immediately respond to requests for comment.
Seiyefa who replaces th sacked DG, Lawal Musa Daura, was in the villa ostensibly to receive briefing from the Acting President. Osinbajo is acting president for Buhari, who last week left for a 10-day holiday in Britain.
He also said he may have submitted personal expenses for reimbursement by Trump's inaugural committee, which he helped operate. In another heated exchange, Downing tried to press Gates into explicitly saying that he had embezzled money from Manafort.
It's the largest of eight major wildfires burning out of control across California, and that have claimed the lives of 7 people. Firefighters have achieved 78% containment on it as of Tuesday morning, making significant progress over Monday night.
Eleider Alvarez KO’s Sergey Kovalev to win 175-pound title
The sixth round was no better for Alvarez, though, as Kovalev pushed ahead and scored with powerful hooks and body punches. Alvarez rocked Kovalev with a huge right hand that sent the champ staggering backwards and down to the mat.
Woman helps man short on cash, finds out he's Keith Urban
Ruth Reed was in line at Wawa in Medford, when she realized the man in front of her was a bit short on cash, CBS Philly reports . That's when she told him he looked like Keith Urban . "It looked like he was using a card, and it didn't go through", Reed said.