Oct 25, 2018

Snap beats revenue expectations, user base continues to shrink

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%.

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Updates: George Floyd protests nationwide

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued for a seventh day across the U.S., with President Trump threatening on Monday to deploy the military if the unrest continues.

The latest: Four police officers were struck by gunfire while standing near a line in St Louis on Monday after a peaceful demonstration, Police Chief John Hayden said early Tuesday. They were all taken to hospital with non-life threatening injuries. He said a small group of people had thrown rocks and fireworks at police officers.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 6,273,402 — Total deaths: 375,683 — Total recoveries — 2,697,873Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.
Updated 2 hours ago - Politics & Policy

St. John's clergy: Trump used church as prop, Bible as symbol of division

Photo: Brendan Smialowski/AFP via Getty Images

Clergy of the historic St. John's Episcopal Church expressed furor and confusion over President Trump's visit on Monday, which he claimed was to honor the establishment after George Floyd protestors sparked a small fire on the property Sunday night.

The big picture: Park rangers and military police deployed tear gas and physical force to disperse peaceful protestors from Lafayette Park, which surrounds the White House, so Trump could walk to "pay respects" to the church — and a St. John's rector on the scene revealed in a Facebook post that she was left "coughing" from the tear gas.