Snap continues to pay for Snapchat's unpopular redesign


Snap declined to estimate user growth for next quarter, but noted that third-quarter earnings have historically "trended down" for the company.

The number of daily active users fell 2% in the latest quarter to 188 million, coming in below Wall Street's expectations of 193 million users.

Snapchat users spend 30 minutes per day on average using the app, and generated over 3 billion snaps per day.

But it posted otherwise unusually strong numbers - as well as a $250 million investment from a Saudi prince - that sent its stock soaring as much as 13%, before it came crashing down and bouncing all over the place again following renewed concerns around daily user numbers going forward. Chief Executive Evan Spiegel said in prepared remarks that the redesign was the primary reason for usage slipping, but he credited the changes for increasing viewership of key ad-supported content this year.

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On Tuesday, Prince Alwaleed bin Talal also said he's acquired a 2.3% stake in Snapchat.

Rival image and video app Instagram introduced Stories - its own version of Snapchat's Story feature - two years ago, and it has since grown to have a larger user base than the whole of Snapchat.

A Snapchat redesign in February aimed at encouraging users to watch more videos prompted user protests after they found it more hard to find the content they wanted.

Earnings from Facebook and Twitter Inc in recent weeks spooked social media investors by showing issues around data privacy, abusive content and phony accounts were weighing on user growth.

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Snap also released guidance for Q3 2018 for the first time.

The company suffered a net loss of $353,310 during the quarter.

On the upside, the company reported second quarter revenues of $262.3m against analyst estimates of $249.8m, up 44% over the same period previous year, and a loss of $0.14 earnings per share against a loss estimate of $0.18.

Snap, which has never had a profitable quarter, went public in March 2017 with a $17 (roughly Rs. 1,200) share price.

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Offering more ways for advertisers to purchase ads has boosted revenue this year by drawing small brands looking for cheap commercial time.