Snapchat mobile app. Photo: Thomas Trutschel/Photothek via Getty Images

Snapchat's parent company posted $298 million in revenue for 2018 Q3, significantly beating analyst expectations of $283.21 million, but its user base continues to shrink.

  • It reported 186 million daily active users, down 1% from the previous quarter when it had $88 million, also down from 191 million in 2018 Q1. It predicts a decline in the next quarter as well.

Why it matters: The social media company has had a rough year, including a poorly received app redesign and struggles to add more users.

Snap says that the decline in users is mostly on Android. The company is currently rebuilding its Android app and expects improvements to help alleviate this.

  • Additionally, CEO Evan Spiegel said during Thursday's analyst call that the company also has opportunities to attract more users among older audiences, which he described as a marketing and communications challenge, as well as more younger users in other regions in the world. Improvements of the Android app should also help with the latter, he said.

Snap's stock price dropped to about $6.75 in after-hours trading, down about 3.5%.

Go deeper

8 hours ago - Health

Fauci says if people won't wear masks, maybe it should be mandated

Anthony Fauci. Photo: Graeme Jennings- Pool/Getty Images

NIAID director Anthony Fauci told CNN on Friday evening that if "people are not wearing masks, then maybe we should be mandating it."

Why it matters: Fauci made the comments the same day the U.S. hit its highest daily COVID-19 case count since the pandemic began.

Harris to Black voters: Casting a ballot is about honoring your ancestors

Democratic vice presidential nominee Kamala Harris speaks at a "Get Out The Vote" rally at Morehouse College. Photo: Elijah Nouvelage/AFP via Getty Images

Sen. Kamala Harris appealed to Black voters in Georgia on Friday, urging them to "honor the ancestors" by casting ballots, and again calling President Trump a "racist."

Why it matters: The U.S. saw a significant decline in African-American voter turnout between 2012 and 2016, reaching its lowest point since 2000. Higher turnout among Black Americans this year could tip the balance in favor of Democrats in key battleground states, including Georgia.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci: Trump hasn't been to a COVID task force meeting in months.
  2. Sports: The youth sports exodus continues — Big Ten football is back.
  3. Health: U.S. hits highest daily COVID-19 case count since pandemic began —AstraZeneca to resume vaccine trial in U.S.How to help save 130,000 lives.
  4. Retail: Santa won't greet kids at Macy's this year.
  5. World: Spain and France exceed 1 million cases.

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