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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

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
3 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.

Why made-for-TV moments matter during the pandemic

Photo illustration: Sarah Grillo/Axios. Photos: Erin Schaff-Pool, Biden Inaugural Committee via Getty Images

In a world where most Americans are isolated and forced to laugh, cry and mourn without friends or family by their side, viral moments can offer critical opportunities to unite the country or divide it.

Driving the news: President Biden's inauguration was produced to create several made-for-social viral moments, a tactic similar to what the Democratic National Committee and the Biden campaign pulled off during the Democratic National Convention.

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