Snapchat reports first earnings since going public ; Lost $2.2 billion last quarter !

19 Mai, 2017, 23:15 | Author: Marc Bacque
  • Traders gather at the post where Snap Inc. is traded on the floor of the NYSE

On Wednesday, the parent of the messaging app Snapchat reported earnings that missed Wall Street expectations in nearly every regard. While $150 million in revenue is almost quadruple the $38.6 million the company brought in during the year-ago quarter, it marks a quarter-on-quarter decline of about $16 million. WhatsApp also edged it out with 175 million users.

In after-hours trading toward the end of the call, Snap stock fell to $17.46 per share, more than 24 percent from Wednesday's close of $22.98. Net additional users increased 54% worldwide since Q4 past year, said Snap founder and CEO Evan Spiegel.

"The bottom line is if you want to be a creative company, you got to get comfortable with and basically enjoy the fact that people are going to copy your products if you make great stuff". Net loss rose from $104.6 million to $2.2 billion, which is thought to have been because of costs associated with the March IPO.

During its first quarter ending on March 31, Snap had 166 million daily active users, less than Wall Street estimates.

Shares in Snap have sunk after its app, Snapchat saw disappointing user growth.

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Facebook also had a rough start after its first earnings report, but has since become a powerhouse.

All the copying appears to be paying off for Facebook.

Still, there's another way Facebook is already historically beating Snapchat. "But I do think at this point, we're pretty much ahead in terms of the technology that we're building". "Just like how Google forced companies to develop their own search strategies, Snapchat is forcing competitors to develop a camera strategy", he added. The company had aimed to accrue a further two million new users.

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. As the company missed out on expectations, given increasing competition from copycat messaging apps, investors marked-down 1Q report.

The loss mirrored slides in Facebook and Twitter after they posted debut scorecards following their IPOs. Unfortunately, it wasn't enough to prevent investors from making a run for it. This is a tactic that Twitter followers will be familiar with.

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