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emfizz.com May 23, 2017


Snapchat Reaches 166 Million Daily Users

19 May 2017, 11:08 | Jan Cross

Snap shares plunge 20pc as quarterly revenue misses estimates

Traders gather at the post where Snap Inc. is traded on the floor of the NYSE

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.

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"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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