Just after going public, Snap has reported a pretty bad quarter. The company had $149.6 million in revenue during the first quarter, missing its expected $158 million. That's a quarter-on-quarter drop of around $16 million.
It also reported a net loss of $2.2 billion, primarily due to "stock-based compensation." $800 million of that was given to Snap CEO Evan Spiegel as the company was going public.
This kind of financial performance isn't what investors were looking for. In response to the report, Snap's shares fell significantly, bringing it close to its IPO price.
Snapchat had an increase in daily active users of 8 million, bringing it to 166 million. Although that's a lot of people, it shows Snapchat isn't adding people quickly and other platforms are far ahead.
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