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Snapchat Reaches 166 Million Daily Users
19 May 2017, 11:08 | Jan Cross
Snap shares plunge 20pc as quarterly revenue misses estimates
Snap, for the first time, has revealed its earnings since becoming a public company in March this year. When compared to the 158 million that Snap had by Q4 2016, however, the growth is only at a dismal 5 percent and that's what touched a nerve in investors.
Snap announced at the time of its IPO in March that it had 161 million daily active users on average in December.
Growth in Snapchat's user base slowed previous year after Instagram copied Snapchat's "Stories" feature, which lets users post short video clips that disappear after 24 hours.
But leading up to the earnings report, all eyes were on the one deadly sin for an Internet company: slowing user growth. Both Instagram and Whatsapp, owned by Facebook, have copied many of Snapchat's features recently and has already surpassed Snapchat in daily users.
On the other hand, Facebook revenue was at $1.18 billion during its first reported quarter; Snap Inc.is now at $150 million, disappointing analysts, who were expecting at least $158 million.
Snapchat's co-founders have lost a combined $2 billion after a surprisingly underwhelming first quarter.
CytRx (CYTR) Earning Positive Press Coverage, Report Finds
Maximum and minimum EPS estimate for the current quarter is projected at $-0.5 and $-0.5, respectively, according to 1 analysts. Currently Cytrx Cp (NASDAQ:CYTR)'s shares owned by insiders are 1.7%, whereas shares owned by institutional owners are 17.5%.
"At the end of the day, just because Yahoo has a search box doesn't mean they're Google", Spiegel says, a clumsy metaphor that improbably compares Snap to Google's position in the search engine wars.
Snap's disappearing photos are strangely appropriate for the volatility of its CEO's wealth.
Snap is going to need to maintain high user growth rates, and it plans to grow DAUs by lowering the barrier to entry for creation through new features, such as augmented reality lenses.
A Snapchat sign hangs on the facade of the New York Stock Exchange (NYSE) in New York City, on January 23, 2017.
Suranga Chandratillake, general partner of Balderton Capital, said: "Even though Snap missed on its first call, I think it's too early to give the doom merchants centre stage".
Snap shares got destroyed in the aftermath of the social network's first earnings report, likely hitting younger investors the most, according to data from Wall Street brokers.
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Smalling, Jones, Mata - it is very important for them to play 90 minutes". "I think he deserves another chance". Manchester United have entered the UEFA Europa League Final after beating Celta Vigo 2-1 in the semi-final.
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This shows that in refereeing it is performance that counts", she added. "I'm really looking forward to the task that awaits me". The German Football Association ( DFB ) have confirmed Bibiana Steinhaus will become the country's first-ever female referee.
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Danny Barnes then replaced the Toronto southpaw and put runners on the corners before fanning former Blue Jay Danny Valencia. And neither are these Blue Jays , the recent sad sacks of baseball, who are making others take notice of their success .