Revenues for the quarter rose by an impressive 286 per cent but still fell short of forecasts by around $9m, and the company's adjusted loss of $188.2m was higher than expected. The company reported revenue of $38.8 million in the same quarter of previous year.
Snapchat maker Snap issued its first earnings report as a public company on Wednesday, and, well, it could've gone better.
On Tuesday, May 11, the company posted a $2.2 billion loss in the first quarter, much of which was tied to compensation following the company's IPO in March. CEO Evan Spiegel received a $750 million bonus for the IPO.
In North America, Snap said it added 3 million daily users in Q1, reaching 71 million DAUs.
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That's almost a decade younger than the average age of retail clients trading Snap that day, TD said. Last quarter, the company lost $170 million. ARPU decreased 14 per cent over Q4 2016 when ARPU was $1.05. Snap revealed user growth has slowed considerably in its first quarter that ended March 31.
Facebook, which once made a $US3 billion bid for Snapchat, has upped the ante by making the camera a central piece of its apps and offering features similar to Snap on its platforms, including Instagram and WhatsApp. Its Instagram Stories, with 200 million daily actives, remains larger than Snap's entire app. Its user numbers also came in light.
Some are beginning to question whether Snapchat can continue to survive Facebook's onslaught.
However, other analysts were less pessimistic, noting the potential for future growth despite the missed targets.
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Spiegel focused on highlighting the company's progress on Android development on the earnings call.
Snap has been diversifying the opportunities within its Snapchat app to drive revenue, adding its "Shows" feature to allow broadcasters and media partners to develop short TV-like content, as it looks to attract TV advertising dollars.
Spiegel, asked if he feared the company would be crushed by Facebook, said he remained committed to a strategy "to deliver value through creativity".
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