Despite this, certain areas of the market were skeptical about the ephemeral messaging app's potential for monetisation.
But it's not going so well. Snap also missed consensus forecasts for adjusted earnings and revenue. In its first quarterly earning report after going public in March, the company saw growth slipping to its lowest in the past two years, reporting 166 million users at a growth rate of a mere 5 per cent.
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.
Snap still may have an edge over Facebook with its active user base aged between 18 and 34, many of whom visit more than 18 times a day and are a highly coveted group for advertisers.
Watch 200th ISS spacewalk on Friday
While the view from above the planet is probably pretty awesome , it wasn't exactly smooth sailing for Fischer and Whitson. The astronauts spent 4 hours and 13 minutes on the spacewalk, and managed to blast through much more work than expected.
On Tuesday, the company posted a $2.2 billion loss in the first quarter, much of which was tied to compensation following the companys IPO in March. The drop in stock price just shaved $1 billion from Spiegel's net worth overnight.
Snap Inc.'s quarterly report showed that the newly-public company lost a mind-numbing $2 billion in the previous quarter alone. Although Snap's revenue almost quadrupled in the latest quarter, it only rose to $150 million. JPMorgan, which got the third-most shares following the IPO, lowered its price target to $20 from $24, maintaining a hold rating on Snap's stock. See a trend here? Most young people using the app were found to believe that they would not be using it once they turned 35. Why call when you can snap, after all?
Snapchat has come under intense pressure in recent months from Facebook, which has added Snapchat-like features to its network of Messenger, Instagram and WhatsApp. You could use it with just one other person, if you wanted. Stories is a valuable feature for Snapchat because it lets brands buy and place ads in between posts within someone's daily story. These features aren't what many users go to Snapchat for.
"Over the past year, Snapchat has steadily introduced ad capabilities and tools that are similar to those offered by leading sellers of mobile ads, including Facebook and Google", eMarketer reported.
Governor Says 'Big Cuts' Ahead For California's Budget
Jerry Brown will travel to China to discuss clean energy policy with worldwide leaders next month, his office announced Friday. For K-12 schools, funding levels will increase by about $4,058 per student in 2017-18 over 2011-12 levels.
During an earnings call, chief executive Evan Spiegel, sought to reassure anxious investors. The Company's flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap. This concept was popularized by Snapchat. The company reported ($2.31) EPS for the quarter, missing the consensus estimate of ($2.05) by $0.26.
"Right now they clearly have a loyal user base in the younger population, but the over 30 year old demographic is one of the most attractive segments for advertisers due to their spending power", Eric Kim, managing partner at venture capital firm Goodwater Capital, wrote in a report.
But Snapchat is trying to stay ahead of the curve.
Facebook's fierce competition with Snapchat has only heated up in the months since Snap's IPO.
3 key tactics for Liverpool to beat West Ham
Worryingly for Liverpool , they have struggled against the league's lesser sides this season. Why has it taken thirty-six matches before they have looked like a complete team?
- IPhone 7 world's best-selling smartphone in Q1
- 3 measles cases in Crow Wing County bring Minnesota total to 54
- Maryland makes a play for the offshore wind crown
- Frankie Edgar Breezes Past Yair Rodriguez With Doctor Stoppage
- 8-year-old was bullied before killing himself, attorneys say
- Brown: Budget most constrained in 5-years
- Harry Styles looks to past icons on solo debut
- Bolstered by US Military Aid, Raqqa Showdown to Begin in June
- Trump says North Korea's Kim Jong-un is a 'pretty smart cookie'
- Drug epidemic increases Hepatitis C cases in Wisconsin