Wednesday, May 2, 2018

Snap Misses On Revenues, As UI Changes Hit Bottom Line

Venice-based Snap, the parent company of Snapchat, missed its estimated revenue targets in Q1, reporting revenues of $230.7M versus and expected $244.5M consensus estimate by analysts, as the company reported issues due to the controversial user interface changes at the company during the quarter. The company reported a net loss of $385.8M for the quarter, and an adjusted negative EBITDA of $217.8M. The company said its daily active users (DAU) grew from 166 million in Q1 of 2017 to 191M in Q1 of 2018, which was up 15 percent year-over year.