Sunday, 21 October, 2018

Snapchat Lost $2.2 Billion Last Quarter, Stock Drops 23%

Kayla Schwartz | 11 May, 2017, 08:54

Snap reported $149.65 million in revenue for its Q1 of 2017 Wednesday, compared to just $38.8 million for the same quarter past year. As we stated above, for the first quarter of 2017, Snap lost $2.2 billion dollars. The operating expenses for the quarter were $196 million.

Revenues were up almost four-fold compared to the same period previous year at $149.6m but lower than the $158m expected on average by analysts.

Twitter shares cratered 24 per cent the next day, while Facebook's tumbled 11 per cent, still the biggest-ever one-day losses for both.

But the company has a call scheduled with analysts and investors 30 minutes after the earnings report was released. Although Snap's revenue almost quadrupled in the latest quarter, it only rose to $150 million.

It is also an increase of 36% on the 122 million daily users the app had this time past year.

Snap said average revenue per user rose 181.3 percent to 90 cents in the first quarter.

OPEC to review several options of oil output cuts in Vienna
The weakness in the oil price has battered the sector and resulted in thousands of job cuts for the likes of BP and Shell. Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016.

Perhaps more telling, a recent Captiv8 study found that 57 percent of social media "influencers" are posting more on Instagram than Snapchat. That puts it behind Instagram Stories, a competitor launched by Facebook that copied heavily from Snapchat and has already passed 200 million users.

A closer look at Snap's revenue numbers also likely won't calm the markets. But it's down from Q4, when the average revenue per user was $1.05. That makes the revenue per user a shade under a dollar, which is what has investors particularly anxious.

Shares in the Snapchat maker [NYSE:SNAP] plunged almost 24% in after-hours trading after a disappointing quarterly result. They can now send snaps without a time limit. Altogether, the company made a little over $8 million from the sale of Spectacles.

Sure, Snap had a disappointing quarter - to say the least.

J.P. Morgan expected Snap's DAUs to grow to 169 million in the first quarter, while Monness, Crespi, Hardt & Co Inc pegged DAUs at 173 million. Which is good, sure, but means the company has only picked up 5 million users since going public, an event which, if you're Evan Spiegel, should have meant a significantly larger bump.

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