Snapchat Lost $2.2 Billion Last Quarter, Stock Drops 23%
Snapchat Lost $2.2 Billion Last Quarter, Stock Drops 23%
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.
Snapsaid average revenue per user rose 181.3 percent to 90 cents in the first quarter.
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.
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.
Despite beating expectations on some fronts, Disney's shares dipped in after-hours trading on Tuesday afternoon by more than 2.5%. May 10, 2017The Walt Disney Company ( DIS ) reported quarterly earnings for its second fiscal quarter ended April 1, 2017.
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