Snapchat revenue soars despite losing users for the first time

Snap will report quarterly results today Facebook and Twitter’s debacles cast a shadow

The ephemeral social media company revealed in its latest earnings report that its daily active user count has dipped, attributing the decline to early frustrations with its new-look app.

The decline, which marked Snapchat's first-ever quarter of negative user growth, was reported during Snap's second quarter earnings call.

Snapchat's controversial redesign has sent users running for the exits.

Snap's stock was all over the map following its earnings.

Spiegel said Snapchat's drop in daily users "was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign".

The company has struggled with a rocky redesign widely criticized by users. Analysts on average expected Snap to gain almost 2 million users in the second quarter from the first quarter, according to Thomson Reuters I/B/E/S.

Saudi Arabia's Prince Alwaleed bin Talal announced soon after the results that he had finalized a $250 million deal in May to buy a 2.3 percent stake.

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His investment comes about three years after he met Snap chief executive Evan Spiegel and chief strategy officer Imran Khan, when the two executives visited Saudi capital Riyadh. Much larger rival Facebook has replicated Snapchat features such as virtual animal ear filters for selfies and the "stories" format for sharing content.

For the three month period from April through June, Snap's revenue rose 44% year-over-year to $262 million.

Snap said ending leases in Venice, California, to consolidate offices a few miles north in Santa Monica cost it $3.9 million in the second quarter and would result in total expenses of $25 million to $45 million in 2018, mostly in the current quarter.

Advertising revenue is up 48 percent year-over-year as well, making the platform all the more enticing to the potential advertiser.

The Venice, California-based company said it had a loss of 27 cents per share.

Snapchat is popular for private messaging, but most of the ads Snap sells accompany videos that are shared with a wider audience. Snap later made updates to roll back some of the more unpopular changes, but the damage was done.

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