Snap Earnings: No Filter Can Make This Look Good, Shares Down 17%

02 May, 2018, 02:04 | Author: Kathy Ellis
  • Snapchat CEO Evan Spiegel

The company's daily active user base was also below the mark at 191 million as analysts were calling for 194.2 million in this category, according to data compiled by FactSet. GBH Insights called the metric "disappointing" in an investor note, and said it speaks to Snap's user growth problem, which is a "major black cloud" over the company.

The results point to just how much of a problem Snap's redesign has been for the company.

Snap posted a loss of 17 cents per share, in line with Thomson Reuters.

And things won't exactly look up in Q2: Snap noted that year-over-year revenue growth rate would "decelerate substantially" next quarter.

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The revamp of its app, unveiled late previous year, was widely met with a negative response by users, and share prices were sent tumbling when reality star Kylie Jenner voice her disapproval of the new look and layout.

The update, which rolled out to most users during the first quarter, was meant to make the interface less confusing.

Time spent on Snapchat remained more than 30 minutes per day on average following the redesign, while Spiegel insists the company has started to realize some of the positive benefits of the change, including increased new user retention among older users. A petition asking the company to remove the redesign now has more than 1.2 million signatures. Kylie Jenner, a reality TV star, threatened to quit the app in February, causing the stock to fall.



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