Electronics

Snap announces better than expected earnings

Snap announces better than expected earnings

Snapchat has reported surging growth in users and revenue in its latest quarter, reviving hopes that it can compete with Facebook's Instagram and sending its shares up more than 20%.

Snapchat divides users into three categories -"North America", "Europe", and "Rest of World".

Daily active users (DAUs) of the Snapchat app increased 8.9m in the quarter, or five per cent quarter-over-quarter, to 187m.

Despite going public a year ago, analysts had expected the company to file disappointing results in its fourth quarter.

Snap Inc shares rose $2.94 (+20.91%) in premarket trading Wednesday. "Early testing of the new app redesign is causing gains in engagement and ad performance - and the app redesign is only 25% rolled out". This tool may also encourage Snapchat users to check the app more often, especially if you don't know how many direct messages you really have. The company booked a net loss of $350 million for the quarter.

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Snapchat shared its fourth quarter earnings on Tuesday, which revealed the company now has 187 million daily active users, up from 178 million in the third quarter.

Despite a period of staff cutbacks plus misgivings over its recent redesign, Snap posted strong revenue and user increases in Q4 which proved popular with investors, with its leadership trumpeting its adtech investments as well as increased traction with both large and small advertisers. In November, Snapchat unveiled a redesign that separated out peer-to-peer interaction and curated/professional content. In Q4, 90% of all ads on the app were bought programmatically, which the company said means that the "auction transition" for Snap Ads is largely in the rearview.

Still, being a niche advertising platform, rather than a valid third player to Google and Facebook, is a rut Snap can't seem to extricate itself from. Snap lost $443 million last quarter, nearly the same amount it lost in Q2 and up considerably from the $124 million it lost in Q3 the year prior. Facebook even copied several Snapchat features such as Stories and others, which may have affected Snap's growth in 2017, but Snap nonetheless managed to end the year with solid results. It was Snap's fourth quarterly earnings as a public company. The lack of reach now offered by Snapchat, especially outside of North America, remains a limiting factor for marketers looking to leverage the platform's full potential.

Snapchat had been struggling for the most part since the company went public previous year, but the Q4 results allowed shares to bounce back after the platform expressed its confidence in beating its rival Instagram. That change helped reduce friction in the buying process, as well as boost ad impressions on Snapchat by 4x year-over-year, Spiegel said. A drop in quality takes users' attention elsewhere and Snapchat is now facing that challenge. They need to offer improved viewability metrics for marketers if they want to increase their ad revenue and be successful moving forward. "Snapchat will face another huge growth barrier in 2018 if they continue to only open its API to a selected number of brands".


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