Publicado: Jue, Agosto 09, 2018
Financiera | Por Marilu Caballero

Prince Alwaleed acquires 2.3% stake in Snapchat

Prince Alwaleed acquires 2.3% stake in Snapchat

For the three month period from April through June, Snap's revenue rose 44% year-over-year to $262 million. Snap said Tuesday that third-quarter revenue would be US$265 million to US$290 million.

Despite the fall in the number of users, the firm said revenues were up and its losses had declined in its second quarter.

"One of the most important things about the redesign is that we're surfacing the right content to the right people as quickly as possible", said Spiegel, noting the revamp has lead to an increase in users 35 and older sticking around longer, which has always been a hope for the company.

Snap (SNAP) has lagged behind its social media brethren this year while waiting for its retooled design to resonate with consumers.

Shares of Snap bounced between gains and declines in extended trading following the report, after climbing less than 1 per cent to US$13.12 in NY. Last quarter, its stock dropped by as much as 24% after releasing its first-quarter earnings report. On two occasions, they plunged more than 20% after results were announced. This is over 20pc lower than the previous quarter, when Snap lost $443,093. Shares closed at $13.12, up 7 cents, for the regular session. After initially shooting up more than 10 percent following the unexpected revenue beat, it then dipped to below its closing price before ticking back up slightly.

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Snapchat has been trying to please its users ever since its first redesign in November in an attempt to simplify and streamline the user experience.

Still, the social media company's valuation signals investors see potential for outsized growth, with Snap entering trading on Tuesday at almost 10 times expected revenue, compared to 7.6 times expected revenue for Facebook shares and 7 times for Twitter.

In prepared remarks in a call with analysts, CEO Evan Spiegel attributed this drop-off to the app redesign: "While our Monthly Active Users continued to grow this quarter, we saw a 2 percent decline in our Daily Active Users". Still, revenue topped projections as demand increased for the company's mobile advertisements.

"It's always going to be a niche platform, so the modest change isn't very remarkable", said Pivotal Research's Brian Wieser. It was the first full quarter that all users were transitioned to the redesigned Snapchat, which rolled out this year.

Employees had griped about Snap's network of small, spread out offices in Venice.

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