Snap loses users but earns more money than those who stayed
Snap loses users but earns more money than those who stayed
On Thursday, he said that revenues increased 43% in the third quarter, but the number of users decreased as the company recovered from a poorly received redesign.
The $ 297.70 million in revenue that Snap posted exceeded the forecast of $ 283 million from analysts surveyed by FactSet, and marked the highest amount of money the company has earned in a quarter.
But it also marked the second consecutive quarter since Snap was made public that the number of people who use your rejected star product.
Snap, the parent company of the Snapchat messaging application, lost two million daily users and raised its total user base to 186 million. Snap had launched a new design of its Snapchat social media app in February that aimed to expand its business beyond its main audience of teens and young adults.
The new version of the application was panned by many of its main users In developed markets that bring the highest amount of advertising dollars. In the USA US, Snap's daily user base decreased to 79 million, from 80 million, and in Europe Snap lost two million users, bringing its user base to 59 million.
Snap said its loss was reduced in the third quarter to $ 325.15 million, or 25 cents per share, from $ 443.16 million, or 36 cents per share, a year ago. Snap has not yet reported earnings as a publicly traded company, although Snap CEO Evan Spiegel has set a profitability goal for his company by 2019, according to a person familiar with the matter.
Snap this year has focused on transitioning its ad sales to a programmatic model, from relationship-based transactions. The increase in income speaks of the success of that change.
The company is also adjusting to new leadership. On Wednesday, Mr. Spiegel told employees that Snap had attracted the head of global advertising sales at
Amazon.com
Inc.
Jeremi Gorman will be his new head of business, and Jared Grusd, executive director of the Huffington Post, will be Snap's new head of strategy. Snap also added a new product design director for its Snap Lab innovation team in October.
Snap also offered guidance for the fourth quarter. The company expects to generate between $ 355 million and $ 380 million in revenue for the holiday quarter, in line with analysts' expectations of $ 374 million, according to FactSet.
Write to Georgia Wells in Georgia.Wells@wsj.com
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