Eyes on redesign, user growth in Snap's upcoming earnings
07 February 2018, 01:25 | Myrtle Hill
Deutsche Bank Reiterates “Hold” Rating for Snap (SNAP)
In related news, Director Mitchell Lasky sold 25,000 shares of the company's stock in a transaction dated Tuesday, November 21st. Snap added almost 9 million daily active users in the last quarter, the most since the third quarter of 2016, pumping its daily user base to 187 million.
The Snapchat messaging app owner said its revenue rose 72 per cent to $285m in the three months to the end of December, beating analyst expectations, while its net loss widened to $350m, or 28 cents per share.
Snap's net loss of 13 cents a share also was more positive by 3 cents a share than analysts' expectations of a loss of 16 cents a share, according to a Thomson Reuters consensus estimate.
One area of growth the company is focused on is Android.
Shares of Snap, the parent company of teen app darling Snapchat, skyrocketed following some rare good news for the company. Then, the company fell out of favor on Wall Street, hit by a slew of analyst downgrades.
If Snap can make real revenue for media companies, they'll be more likely to partner with Snap on things like shows or stories down the line.
"Our business really came together towards the end of a year ago", Spiegel said in remarks prepared for a conference call with analysts.
SEE ALSO: Snapchat opens Snap Store in app. It's a significant boost in users since the third quarter of 2017, when Snapchat added just 4.5 million DAUs. Sales for the year as a whole doubled to $825 million. Wall Street expected Snap to add about 6 million daily users during the quarter.
However, three months later, that redesign has still not rolled out widely, and investors will be looking for answers as to what's taking so long.
Those design changes have put a bigger emphasis on user-to-user sharing, as opposed to content created by publishers and brands. Previously, Snap made a bet on hardware - its Spectacles - but ended up losing $40 million on the video-recording sunglasses last quarter when they proved to be far less popular than expected.
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