Published: Sat, November 11, 2017
Research | By Derrick Holloway

Snap launches Snapchat redesign as growth disappoints Wall Street

Snap, the parent company of disappearing photo app Snapchat, revealed that it had overestimated demand for its $130 sunglasses-and-camera hybrid Tuesday.

After Snap announced earnings that were far below Wall Street's revenue and user growth expectations, Snap's stock plunged almost 20 percent.

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Snap reported revenues of $207.9 million, missing analyst expectations of $236.9 million.

At the same time, Speigel said that the Snapchat team is also working on an overall redesign of the app, in an effort to make it easier to use among a wider audience. 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. Earlier this year, Tencent bought a 5 percent stake in Tesla Inc.

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"We don't yet know how the behavior of our community will change when they begin to use our updated application", he stated. "We're willing to take that risk for what we believe are substantial longterm benefits to our business", Spiegel's statement continued. Daily active users (DAUs) was at 178 million versus the 181.8 million users that were expected.

There's no word on exactly when the revamped Snapchat Android app will launch, but the company said it will be available first in a limited number of markets before it rolls out worldwide.

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Chief strategy officer Imran Khan said revenue was affected by a shift toward a software-based auction system for selling ads - a method employed by Facebook and Alphabet's Google - which has driven down the average price. He said Snap more than tripled revenue from small- and medium-sized businesses in the third quarter compared with the first half of the year. "It's a learning experience for them ... and now this is a huge "prove me" time for Snap over the next 6 to 9 months". The company started selling Spectacles, sunglasses with built-in cameras that take videos created to be shared on social networks. At the 4pm close of the regular trading day on Tuesday, the stock closed at $15.12; after the earnings were announced, the slower growth and announcement of an Android redesign combined to knock the stock down by over 17% to $12.53. Right now, anyone who has become anything that you could remotely consider a celebrity on Snapchat has done show through sheer force of will: You have to find their username on another platform, add them, and keep in mind to check their stories each day.

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