Snap shares tank further after reporting $443m loss

Snap Grows Daily Users to 173 Million, But Delivers Disappointing Earnings

Snap shares plunge after earnings disappoint

Average daily users grew 21 percent to 173 million in the second quarter, below the 175 million that analysts polled by Factset had forecast. The Company's flagship product, Snapchat, is a camera application that helps people to communicate through short videos and images known as a Snap.

In the second quarter, the struggling social network also reported lower-than-expected average revenue per user of $1.05.

What's more, 4 million of those new users came from the USA and Canada, the market that's best monetized by Snapchat. Snapchat's parent, Snap Inc, lost $443m over the last three months, compared with $116m in the same period a year ago. Instagram in its entirety, meanwhile, had more than 400 million daily users as of February, the last official count.

DAUs were 143 million in the year-earlier quarter and 166 million in the previous quarter.

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Snap's stock price tanked Thursday evening, falling more than 16% during after-hours market action to $11.50 a share, a pullback that White called "a buying opportunity".

With the lackluster results and stock price declining, Spiegel did promise not to sell any of his own shares in the company, a move usually reserved to instill confidence. Facebook's photo-sharing app Instagram, as well as other Facebook apps that have copied Snapchat's main features, have been growing more rapidly than Snapchat.

As Snap becomes cheaper, the company could be attractive to acquirers, said Shebly Seyrafi, an analyst at FBN Securities. The pair's post-IPO lockup will expire Monday.

Investors worry about the company's ability to vie for users and advertising dollars with rivals like Facebook Inc's Instagram, which has features similar to the Snapchat disappearing messaging app. Instinet reaffirmed a "reduce" rating and issued a $14.00 target price on shares of Snap in a report on Friday, June 9th.

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Chief Strategy Officer Imran Khan said that 60% of Snap ads are now delivered programmatically.

A number of brokerages have weighed in on SNAP.

Snap Inc banner on New York Stock Exchange in March. BlackRock Inc. boosted its position in shares of Snap by 10.0% in the second quarter. Accern also gave news coverage about the company an impact score of 45.0838422636603 out of 100, meaning that recent press coverage is somewhat unlikely to have an impact on the stock's share price in the near term. Its confirmed acquisition of the ad company Placed will be reflected in its third-quarter financials, as that deal was closed in July. It now offers video stories, maps and other features.

There was a cringe-worthy moment to finish the call.

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Shareholders are always scouring the tech industry for the next Facebook, and Snap is the latest contender for the crown - or at least that was the case when it floated on Wall Street. The analyst asked which types of techniques Spiegel didn't like.

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