Chinese powerhouse Tencent now owns 12pc of Snap

11 November, 2017, 02:16 | Author: Becky Perry

Snapchat's stock price has plummeted after the company's third quarter 2017 financial release showed it added only 4.5 million users and almost quadrupled its losses from 2016. For the third quarter, Snap lost $443.2 million, or 36 cents a share. "One thing that we have heard over the years is that Snapchat is difficult to understand or hard to use, and our team has been working on responding to this feedback", Speigel said. The tech firm, which also had lower than expected revenue and user growth, said it would make the app easier to use following the revelations.

Average revenue per user rose to $1.17 in the quarter, from 84 cents a year earlier, but missed analysts' average estimate of $1.30.

It's a big negative for Snapchat's first foray into the world of wearables, but the statement didn't share any information on whether the company will be trying again with a second generation of Snapchat Specs.

"We don't yet know how the behavior of our community will change when they begin to use our updated application", he stated.

"I guess we're just not afraid to make changes in the long-term interest of the business", Mr. Spiegel said on the call. Tencent has had a good relationship with Evan Spiegel, according to GBH Insights' chief strategy officer.

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The auction system hit revenue in the short term but "builds the foundation for long-term scalable revenue", Mr Khan said in written remarks.

The company brought in $207 million in revenue for the third quarter, up 62 percent over the same period a year ago. Other problems that the company has grappled with include overestimating demand for its Spectacles camera-equipped sunglasses, a once-hot product whose sales cooled rapidly.

In a filing with the Securities and Exchange Commission, Snap said that Tencent and its affiliates had "recently acquired" 145.8 million nonvoting shares through purchases in the open market.

Snapchat, popular among millennials for the bunny faces and floral tiaras that can be added to pictures, allows users to chat through a series of disappearing photos and videos. But do we need another Facebook, given the big blue app has over 2 billion users and is showing no signs of slowing down? "We hope that showing the right Stories to the right audience will help grow engagement and monetization for our partners and for Snapchat".

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