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Snapchat growth falters as redesign woes impact results

05 May 2018

The number of daily active users advanced 15 percent to Dollars 191 million, from 166 million the year before.

Executives at the company acknowledged the new design has hurt its results but did say they would remain with their plan of keeping content from friends apart from other publishers. The company's average revenue per user was $1.21, less than the $1.27 forecast by analysts, per CNBC.

Snapchat has faced a user backlash after its major redesign a year ago, as well as controversy after it appeared to make light of singer Rihanna's 2009 assault by her former boyfriend Chris Brown.

This is a breaking news story. What remains is the separation of friends and creators.

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Most of Wall Street is surveying the troubled social media giant from the sidelines, with TipRanks analytics demonstrating SNAP as a Hold.

After the company delivered what's widely regarded as a terrible first-quarter earnings report on Tuesday night, shares of Snap plummeted over 20% when the stock market opened on Wednesday.

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 introduces Snapchat-like features to Instagram.

Snap has aimed to set itself up to brands and advertisers as an alternative to Alphabet Inc.'s Google and Facebook, which generate the majority of growth in digital marketing. A survey by RBC Markets found that 73% of marketers don't spend on Snapchat, an indication of the app's challenges, per Bloomberg.

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Snap stock cratered 15% on Tuesday after reporting disappointing revenue that it partly blamed on a misguided redesign of its flagship service, Snapchat.

And Snap has warned growth and revenue could slow substantially in the second quarter.

Revenue growth will likely sink below analysts' expectations for a 62 percent increase, Pachter noted.

It's still unclear wheter Snap will listen to their user base and revert the redesign.

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Snapchat growth falters as redesign woes impact results