Snap CEO Evan Spiegel Stands By Redesign Despite Rocky Q1 Results

02 May, 2018, 02:01 | Author: Teresa Adams
  • WATCH: Snapchat to make more changes to the app

Shares of Snap were down 15%, near 11.95, during after-hours trading on the stock market today.

The company has overhauled its app and added automated ad buying tools in an effort to hold onto users and advertisers as bigger rival Facebook Inc (FB.O) introduces Snapchat-like features to Instagram.

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The social media service said its number of daily active users had risen to 191 million, up from 187 million in the last quarter, but the increase was smaller than predicted.

That missed the consensus estimate of $243.6 million.

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Analysts had been expecting Snap to post revenue of about $244 million, but it generated just $230.7 million for the quarter. GBH Insights called the metric "disappointing" in an investor note, and said it speaks to Snap's user growth problem, which is a "major black cloud" over the company. That's up 53% from the same period previous year. Celebrities like Kylie Jenner have publicly tweeted about disliking the redesign, causing Snap's stock to plummet 6.1% in a single day.

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.

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Rights groups, the United Nations and the European Union have all criticized Israel's use of live fire against unarmed protesters. Hamas' Interior Ministry announced that Egypt had agreed to open the Rafah border crossing for three days, beginning Saturday.

"We are now focused on optimizing the redesign based on our ongoing experimentation", CEO Evan Spiegel said in a statement. And after months of standing by the changes, the company last month was forced to backtrack, promising to redesign the redesign.

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