Tuesday, 18 September, 2018

Snapchat's much-hated redesign scared advertisers and "disrupted" behavior

Snapchat Spectacles 2.0 WATCH: Snapchat to make more changes to the app
| 02 May, 2018, 02:05

Shares in Snap were in free-fall in after-hours trading after it revealed user growth was dented by its controversial redesign, and said it expected growth to "decelerate substantially" in the second quarter.

Snap, the parent company of Snapchat, said Tuesday that it added just four million users during the first three months of 2018 amid a backlash to a significant app redesign.

Snap's revenue left something to be desired as the social media app maker reported sales of $230.7 million, below the $244.5 million that the Wall Street consensus estimate called for, according to data compiled by Thomson Reuters.

"As we have mentioned on our past two earnings calls, a change this big to existing behavior comes with some disruption", Spiegel told investors on Tuesday.


Average revenue per user also took a hit, up 31% year-over-year to $1.21, but down 21% since last quarter.

Daily active users were up 15% year-over-year, from 161 million to 191 million, but just 2% since last quarter, when that number was 187 million. "We are now focused on optimizing the redesign based on our ongoing experimentation and learning".

In an attempt to diversify its business, Snap has also moved into hardware for the first time, launching the video-enabled Spectacles sunglasses that could record short clips to then be shared via Snapchat. Chrissy Teigen, a model and TV personality, said she stopped using the service in March.

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