Tuesday, 18 December, 2018

Snap Stock Is Tanking After Snapchat Redesign Fails

Snapchat Spectacles 2.0 Snap Stock Is Tanking After Snapchat Redesign Fails
Jodi Jackson | 02 May, 2018, 02:02

Daily active users totaled 191 million, also short of the 194.2 million predicted by FactSet.

Despite slower-than-expected growth, Snap remains a competitive consumer-facing tech company, according to eMarketer analyst Debra Aho Williamson.

Revenue was down 19% sequentially, primarily due to seasonality and a redesign of the Snapchat app, the company said.

He said completely rebuilt Snap app for Android will roll out in the third quarter of the year.

Snap's shares took a near 16 per cent dip in after hours trading when the messaging app revealed it had only seen a 15 per cent increase in users from a year ago despite a redesign overhaul.

And things won't exactly look up in Q2: Snap noted that year-over-year revenue growth rate would "decelerate substantially" next quarter.

People familiar with the test told the publication that the move is an attempt to see how many ads users will tolerate.

"We are now focused on optimizing the redesign based on our ongoing experimentation", CEO Evan Spiegel said in a statement.

Time spent on Snapchat remained more than 30 minutes per day on average following the redesign, while Spiegel insists the company has started to realize some of the positive benefits of the change, including increased new user retention among older users.

Snapchat has since made some tweaks to the redesign and is testing showing Stories from friends on the same page as posts from celebrities and brands once again.

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