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12 August 2017, 12:33 | Jenny Fowler
Snap shares plunge after earnings disappoint
Social media app Snapchat's parent company Snap Inc is sinking fast in the United States stock market, with a $400m loss in its second quarter compounding a major decline since its IPO earlier this year.
Snapchat added 7 million DAUs over the last quarter, taking its global user base to 173 million.
Shares of Snap Inc rallied on Wednesday as options traders buckled in for the social media company's quarterly results and after an analyst said the beaten-down stock was "getting interesting". The average amount of revenue made per user increased by 109 percent over the year to $1.05.
Spiegel was more forward with the company's strategies on Thursday, saying Snap's focus will be on building creative tools that give users more ways to create snaps.
Some 81% of Snap's second-quarter revenue came from North America, a strong indicator that the company is focusing on monetizing users in the world's largest and most valuable ad market.
Making a bad situation worse, Snap failed to meet analyst expectations for the second straight quarter.
Even before the earnings report, Snap's stock had already fallen off a cliff since its hotly anticipated initial public offering earlier this year.
But the messaging app is struggling with fierce competition from Facebook, which offers similar features.
While Instagram earlier this year announced user numbers topping 700-million, with 250-million using Instagram Stories, Snapchat added just seven million users this quarter.
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Snapchat is now a company that has to prove it's growing and simply saying that there's a long-term plan to do so isn't going to be enough. The pair's post-IPO lockup will expire Monday.
Snapchat also wanted analysts to pay attention to the growth in North America, where the users are more valuable.
Snap's monetization also remained somewhat sluggish this quarter, with overall quarterly ARPU coming in at $1.05. Piper Jaffray Companies reissued a "neutral" rating and issued a $16.50 price objective (down from $20.00) on shares of Snap in a research note on Thursday, July 13th.
"100 percent of the problems that we are seeing at Snapchat are self-inflicted", James Cakmak, an analyst with Monness Crespi Hardt and Co., told Bloomberg.
Snap has not delivered on either front.
Dubuque Bank & Trust Co. acquired a new position in Snap Inc.
If that's the case, it's time for Spiegel to rethink things.
TRADEMARK VIOLATION WARNING: "Snap Inc".
While Snapchat sends fewer notifications, it encourages daily use through Snapstreak, which calls out streaks in which two friends send each other snaps at least once for more than three consecutive days. Google is reportedly working on Stamp, which The Wall Street Journal compared to Snapchat's Discover feature for letting people find photo and video-heavy news items. The analyst asked which types of techniques Spiegel didn't like.
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