Snapchat lost 3 million daily users in the past three months

Snapchat lost 3 million daily users in the past three months

Daily users of the photo and video messaging app fell for the first time in the company's history, to 188 million in the second quarter from 191 million in the first.

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 in first-quarter results said it would again adjust how it presents content.

Snap only brought in $2 million in non-advertising revenue. The period that ended in June was the first full quarter in which all users shifted to a new version of Snapchat that separates content from a user's friends and content from public figures.

More than six months later, Snap is now blaming the same design for a decline in its daily active users.

Saudi billionaire Prince Alwaleed Bin Talal has taken a 2.3% stake in Snap, buying $250m (£194m) worth of shares in the social media company.

Iran's Oil Exports Slip for Third Consecutive Month over U.S. santionsNaija247news
But new data released on Monday showed Saudi Arabia's oil production fell in July by 200,000 bpd from the month earlier. Front-month Brent crude oil futures were at $74.85 a barrel at 9.51am GMT, up 20c, or 0.25%, from their last close.

Snap forecast third-quarter sales of $265 million to $290 million, up 27 percent to 39 percent from a year earlier, compared with 44 percent revenue growth in the second quarter.

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. The company also said its cash burn was up to $234 million from $229 million in the same quarter of 2017.

Despite this, it grew average revenue. 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.

These drops came as the company embarked on a huge redesigned and also committed to building hardware in the form of camera-toting spectacles. After the report was released, Snap's stock price rose slightly to $13.20 from the regular session's close of $13.12.

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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