People actually thought Snapchat has value?

Snap Lost A Mountain Of Money In Its First Quarter As A Public Company

Snap Lost A Mountain Of Money In Its First Quarter As A Public Company

Snap, which calls itself a camera company, posted its debut quarterly scorecard following its hugely successful IPO in March, reporting slowing user growth and widely missing Wall Street's revenue expectations.

However, the photo sharing app was able to report an increase in the number of daily active users - who grew from 158 million at the start of the year to 166 million.

Close to $2 billion of the loss of $2.2 billion for Snapchat during the three-month period just concluded, involved the costs of stock compensation related to the initial offering by the company.

Imran Khan, chief strategist at Snap, added: "We made good progress this quarter improving the performance and quality of our Snapchat application, especially on Android, which has helped result in increased net user adds and engagement", according to CNBC. Though its ARPU of $0.90 witnessed a jump of 181 percent from the same period a year ago, its ARPU dropped 14 percent from the fourth quarter when it was $1.05.

On Wednesday, Snapchat reported adding just 8 million daily users in the March quarter.

SNAP shares closed $22.98 per share and went down to as much as $17.68 each after hours. But Snap said it has no plans to give any financial guidance, because the company doesn't want to make short-sighted decisions for the benefit of quarterly results.

Venezuela opposition seeks international support for 'democratic agenda'
As the national guard was throwing tear gas and pellets onto protesters, a violinist played through the violence. Militiamen approached, all dressed in dark colours with pieces of cloth covering their faces.

"At the end of the day, just because Yahoo is a search box, it doesn't mean it's Google", he told investors.

Most analysts blame Facebook and the recent launch of Snapchat-like features on Instagram via Instagram Stories and Facebook Messenger.

Snap emphasized on a call with analysts Wednesday that its users were spending more time than ever on Snapchat, as it seeks to convince investors that loyalty to its products matters more than the size of its user base. While the company's revenue rose 286% to almost $150 million, it was short of forecasts by $9 million.

The company reported a $US2.2 billion loss (compared to its loss of "only" $US515 million for the whole of last year) on revenue of $US149 million.

When asked if he feared Snap would be crushed by Facebook, Spiegel replied: "You have to get comfortable with the fact that people are going to copy you if you make great stuff". Snap has a 1-year low of $18.16 and a 1-year high of $29.44.

But Facebook - which once offered $3bn to buy the business - has upped the ante by offering features similar to Snapchat on its platforms including Instagram and WhatsApp.

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