Snapchat lost $2.2 billion last quarter

Snapchat sold about $8 million worth of Spectacles (not that it helped much)

The Q1 report says the app saw 166 million daily active users during the first quarter, up from 158 million during the final quarter of 2016.

About $2 billion of Snap's $2.2 billion net loss in the January-March period was for IPO-related stock compensation costs.

Instagram revealed last month that there were more than 200 million daily active users for Instagram Stories, its Snapchat clone - or more than the number of daily users for Snapchat itself.

Analysts from J.P. Morgan anticipated Snap's DAUs to increase to 169 million by the end of the first quarter.

Twitter, meanwhile, beat expectations handily in its first earnings report, with revenue of $242.7 million and earnings per share of $0.02, while expectations had been for $217.82 million on a loss of two cents a share.

It's bad, but not unprecedented, reports the Los Angeles Times, noting Facebook stock fell 10% and Twitter stock fell 22% following the first quarterly earnings report after an IPO. Since then the company is trying to convince Wall Street that it can earn more money than Facebook from advertising while the rival company is penetrating aggressively into Snap's territory.

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.

Shares in Snapchat's owner have sunk after it reported disappointing growth in the first three months of the year.

Snap CEO Evan Spiegel said in the earnings call that the company refuses to engage in the type of "growth hacking" used by other companies, including sending lots of push notifications to get users to "do something unnatural". Kerr said in an interview earlier this year. "Just because Yahoo has a search box doesn't mean they're Google".

According to Reuters, the $27.98 billion company's weak user growth could be attributed to intensified competition from Facebook Inc (FB), which increasingly copies SNAP's formats across all its platforms. The company added 3 million users in Europe as well, to arrive at 55 million DAUs.


  • Plinko Record Broken On 'The Price Is Right'

    Plinko Record Broken On 'The Price Is Right'

    The nimble-fingered Ryan walked away with a staggering and record-breaking $31,500 in total. In the clip above, Ryan's fantastic run begins with a winning $1 bid on Contestant's Row.

    Key benchmarks in President Donald Trump's budget

    Trump's budget would squeeze additional savings beyond that , but congressional aides say how much is not exactly clear. But the proposed reductions could trigger a backlash for Republicans, complicating efforts to keep control of the U.S.
    Bradley hits last-second shot, Celtics stun Cavs 111-108

    Bradley hits last-second shot, Celtics stun Cavs 111-108

    James and the Cavs are now ticked off, many believe, and they'll come out with a devastating swing to open up Game 4. Let's break down how it happened. "I feel like you have to have some type of adversity in order to be successful.
  • European Union  leader: Trump and European Union  not in complete alignment

    European Union leader: Trump and European Union not in complete alignment

    After the meeting, Tusk said the there was agreement on many issues, especially on counterterrorism. Trump has previously been a vocal supporter of Britain leaving the EU.
    US not started assessment on any Trump intel disclosure to Russia: Coats

    US not started assessment on any Trump intel disclosure to Russia: Coats

    How much of the controversy facing President Trump is solid, and how much is politics? Meanwhile, Comey's counterattack unfolded. Republicans who have been incorrigible in their defense of the indefensible are suddenly showing glimmers of self-respect.
    Arsenal face defensive crisis ahead of final

    Arsenal face defensive crisis ahead of final

    The post FA Cup final not about me but Arsenal - Wenger appeared first on Vanguard News . Arsenal manager Arsene Wenger said the outcome was "frustrating".
  • GM is accused in lawsuit of cheating on diesel truck emissions

    GM is accused in lawsuit of cheating on diesel truck emissions

    Shares of the Detroit-based automaker were lower over 2.3% during midday trading on Thursday. The law firm behind the suit said GM's violations are even larger than Volkswagen's.
    What is known about suspected Manchester attacker Abedi

    What is known about suspected Manchester attacker Abedi

    A neighbour captured the moment armed police stormed a house believed to be linked to the Manchester Arena suicide bomber. Rudd said she was not surprised "at all" that IS would have claimed the attack, but that she could not confirm any link.
    Saudi Arabia king: Trump's visit a 'turning point'

    Saudi Arabia king: Trump's visit a 'turning point'

    The president is reviving the U.S.'s role as the "bringer of peace", she told Fox Business anchor Stuart Varney. His daughter, Ivanka Trump , took his place for the event, the Independent reports.
  • Trump, Abbas call for new start to Israeli-Palestinian peace talks

    It later annexed east Jerusalem in a move never recognised by the worldwide community and claims the entire city as its capital. The president spoke about signs he's sees that both sides are serious about wanting peace between their peoples.

    Europa League victory lifted Manchester - Ferguson

    But Ajax were disappointing against a United side which defended smartly to stifle their opponents. At times like this, we have to come together.
    Iranian president calls US relations 'a curvy road'

    Iranian president calls US relations 'a curvy road'

    President Donald Trump ended a visit to Tehran's arch-foe Saudi Arabia where arms deals worth nearly $110 billion were signed.


Latest news

Traders Buy Barrick Gold Corp (ABX) on Weakness on Disappointing Earnings
CSFB lifted their price objective on Barrick Gold Corp from C$23.00 to C$25.00 in a report on Thursday, February 16th. TRADEMARK VIOLATION WARNING: This piece of content was originally reported by BBNS and is the property of of BBNS.

Cavs push past Celtics in Game 4
On the night, Irving went 15-for-22 from the floor, including 4-of-7 from long range and 8-of-9 from the stripe. He scored the final 14 points in the 3rd quarter and scored 19 points in the final 4:48 of the frame.

Trump urges Israelis and Palestinians: Make peace
Back in Jerusalem , Trump gave a speech at the Israel Museum , where he said "my administration will always stand with Israel ". PRESIDENT DONALD TRUMP: So many young, beautiful, innocent people living and enjoying their lives, murdered by evil losers .

Comey agrees to testify in open hearing before Senate Intelligence Committee
The former director agreed to testify before the Senate intelligence committee after the Memorial Day holiday. Trump said it was "ridiculous" to think he may have done anything worthy of criminal charges or impeachment.

CBO: Republicans' AHCA Would Leave 23 Million More Uninsured
We can call this legislation whatever we want-you can call it a "destroy health care" bill. Many Republicans say their chief goal is to reduce premiums.

Cavs coach defends LeBron after 'weird' loss
Deron Williams, who had been quiet for most of the series, also got in on the act with a series-best 14 points for Cleveland. Fultz will give the Boston Celtics another great piece to go along with the solid nucleus that they already have.

Misbah, Younis out cheaply as Pakistan slip to
Misbah captained 56 Test matches for Pakistan , with the Pakistani team emerging victorious in 26 of them. Younis, on the other hand, has enjoyed his batting throughout his career by creating notable records.

Social media joins hunt for Manchester concert victims
They said in a statement: "Words can not express our sorrow for the victims and families harmed in this senseless attack". Sobbing, Charlotte Campbell took to global airwaves, pleading for anyone who may have seen Olivia to please come forward.

Manchester attack: Further arrests made, including bomber's brother and father
Many at the concert were young girls and teens enthralled by Grande's pop power - and those who died included an 8-year-old girl. Refunds will be granted to all ticketholders at the point of purchase for the cancelled shows, tour promoter Live Nation said.

Philippine Islamists beheaded local police chief, Duterte says
He mentioned the central Visayas region, where militants recently also launched attacks far from their southern strongholds. Police say about one-third of the victims were shot by officers in self-defence during legitimate operations.

Silence, applause as Man Utd and Ajax honour Manchester victims
On this occasion, it really was just about the result, and bigger things than trophies. "I feel good", Fosu-Mensah said. Talk of trophies and the Champions League feels irrelevant compared to the disturbing events of Monday night .

Trump Told Russians Firing 'Nut Job' Comey Relieved Pressure on Him
Deputy Attorney General Rod Rosenstein reportedly informed members of Congress of this on Friday, according to McClatchy. For more of Liasson's summary from this week of USA political news, use the audio player above.

North Korea possibly behind global WannaCry attack [cybersecurity experts]
For one thing, said IBM Security's Caleb Barlow, researchers are still unsure exactly how the malware spread in the first place. Some security experts are cautiously linking the attack to the Lazarus Group, according to BBC tech reporter Dave Lee.

Subpoenas pile up for Flynn's documents
While Democrats allege that Sessions misled the Senate Judiciary Committee with that remark, Flores disagreed. CNN first reported the story Wednesday evening, citing as its source the Dept. of Justice.

Celine Dion's powerful 'My Heart Will Go On' performance
She recently broke Aretha Franklin's record for most songs placed on the Billboard Hot 100 chart by a female artist. Accepting the night's biggest award, Top Artist, Drake brought up a huge entourage that include Lil Wayne, Nick.

Other news