Snap revenue tops estimates due to mobile ad demand

Snap revenue tops estimates due to mobile ad demand

Snap revenue tops estimates due to mobile ad demand

Instead, Snapchat dropped its daily user total by 2% to 188 million users from an expected 193 million. Though daily average users declined from the prior period for the first time ever, the Los Angeles-based company noted that monthly users - a number it has never reported - are still growing. Overall though, Snapchat saw a small increase in its Monthly Active Users.

Snap disclosed Tuesday that the app lost 3 million of its daily active users due in large part to its controversial redesign.

Saudi investor Prince Al-Waleed bin Talal, whose investing firm owns stakes in Twitter and the Four Seasons hotel chain, said in a tweet that he'd purchased about $250 million worth of the company's shares. CNN reports that this is the first time Snapchat's user count has dropped since Snap Inc went public. Snap's second-quarter sales climbed 44 per cent from a year earlier to US$262.3 million, Snap said Tuesday in a statement. Prices fell 9 percent in the second quarter compared with the previous quarter and 52 percent from a year ago.

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The Average Revenue per User is a full ten cents above estimate, at $1.40.

His investment comes about three years after he met Snap chief executive Evan Spiegel and chief strategy officer Imran Khan, when the two executives visited Saudi capital Riyadh.

"We thought the commentary around the Android rebuild indicated that we might be waiting about a year before we can expect to see the benefit from those efforts (and in the near term, DAUs should be down again next quarter)", Mark Kelley, an analyst at Nomura Instinet, said in a note to clients Wednesday. Losses, adjusted for stock option expense and amortization costs, came to 14 cents per share. The company is expecting revenues of between $265 million and $290 million for the quarter, and an EBITDA loss of between $185 million and $160 million.

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The company held its first annual shareholder meeting last week via a webcast that lasted three minutes, an unusual affair because its publicly traded shares do not carry voting power.

The company 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, but companies have largely considered the spending experimental.

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