Snapchat lost 3 million daily users in the past three months

Snapchat lost 3 million daily users in the past three months

Saudi investor Prince Al-Waleed bin Talal, whose investing firm owns stakes in Twitter and the Four Seasons hotel chain, said in a tweet that he'd purchased about $250 million worth of the company's shares.

According to the Snap's second-quarter earnings report, the number of daily active users have dropped from 191 million in the first quarter of the year to 188 million.

Shares in Snap jumped by an initial 11 per cent in after-hours trading last night on the back of the news, but have since sunk to just below its closing price. The stock price is now $13.12 per share. Wall Street had forecast a loss of 17 cents per share for the second quarter.

The social network has reported that for the first time it has started losing users who log in once a day.

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. "It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from our community". It also reported revenue of $262.3 million, slightly above analyst expectations of $250.4 million.

Manafort's attorney suggests Gates lied about how many affairs he had
Downing outlined how Gates gave false and misleading information to the special counsel after he had entered his plea agreement. In another heated exchange, Downing tried to press Gates into explicitly saying that he had embezzled money from Manafort.

Snap said Tuesday that third-quarter revenue would be $265 million to $290 million.

A video was attached to the tweet which documented the moment Alwaleed met Snap's chief executive Evan Spiegel two years ago, when Spiegel visited Riyadh alongside the company's chief strategy officer Imran Khan. 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.

"We thought the commentary around the Android rebuild indicated that we might be waiting about a year before we can expect to see the benefit from those efforts (and in the near term, DAUs should be down again next quarter)", Mark Kelley, an analyst at Nomura Instinet, said in a note to clients Wednesday.

Snapchat's revenue climbed 44% year over year even as it lost users in the last quarter because of a rocky app redesign and increased competition from rivals. Investors will also applaud the company for offering explicit guidance for the first time.

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