Snap CEO Evan Spiegel Stands By Redesign Despite Rocky Q1 Results

02 May, 2018, 02:00 | Author: Shannon Aguilar
  • Snapchat CEO Evan Spiegel

Wall Street was unimpressed, and Snap's stock price plummeted in after-hours trading.

Failing to capitalize on Facebook's recent missteps, Snap's first-quarter earnings and usership missed analyst expectations.

Instead, growth slowed. The service had 191 million daily active users during the quarter, up from 187 million at the end of a year ago, or just a 2% increase.

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

The company's new look, which separated content from friends and channels, upset both users and publishers and even prompted celebrities such as Kylie Jenner to publicly cut ties with the platform.

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Revenues for the quarter were up 54% year-over-year to roughly $231 million, but sequentially were down 19% "primarily due to seasonality and our redesign", the company said in its earnings release. It also posted a net loss of $385.8 million.

In an attempt to diversify its business, Snap has also moved into hardware for the first time, launching the video-enabled Spectacles sunglasses that could record short clips to then be shared via Snapchat.

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

Looking ahead, Spiegel said Snap is focused on optimizing the redesign, based on his team's ongoing experimentation and learning. And after months of standing by the changes, the company last month was forced to backtrack, promising to redesign the redesign.

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