Spiegel plans to save Snap with redesign to a personalized stories feed

Spiegel plans to save Snap with redesign to a personalized stories feed

Spiegel plans to save Snap with redesign to a personalized stories feed

They fell by 16pc as Wall Street reacted to Tuesday night's third quarter results, which revealed a sharp slowdown in user growth, continuing losses, and a $40m writedown on Spectacles, the camera-equipped sunglasses that it put on sale a year ago.

Snap got destroyed by Wall Street today after a terrible Q3 earnings where revenue and user growth fell well under expectations.

Snaps's third-quarter revenue, the bulk of which comes from advertisements, rose to $207.9m from $128.2m. As a result, we are now redesigning our application to make it easier to use. The app has slowly started to provide more context and information from friends and business, and it's hard not to think of how much that sounds like Facebook in the early years of monetization. "As a result, we are now redesigning our application to make it easier to use", said the chief executive of Snap in a statement on Tuesday. "We're willing to take that risk for what we believe are substantial long-term benefits to our business".

With only 2.9% user growth to 178 million daily users, Snapchat just isn't growing fast enough to satisfy investors or keep up with Facebook's clones.

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.

Chief executive Evan Spiegel has previously said 150,000 units have been sold.

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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.

Average revenue per user was up 39 percent compared with the third quarter a year ago, falling short of Wall Street's estimates.

Snap is making major efforts to court a larger audience.

"I think they spent a little too much time being different", Mr Portell said. The company started selling Spectacles, sunglasses with built-in cameras that take videos created to be shared on social networks. The stock has bounced back from a low of around $12 a share this August to about $15 today - but it's still well below its IPO price of $24 a share.

Facebook's Instagram said in September that it had 500 million daily active users. It also wants to create more distribution and monetization opportunities for those who create public stories on Snapchat.

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