May 1, 2018

Snap misses on earnings after rough redesign rollout

Illustration: Rebecca Zisser / Axios

Snap shares fell more than 16% in after-hours trading Tuesday after the company missed Wall Street expectations for revenue and user growth.

Why it matters: The company has faced backlash from users, including popular celebrities, after it redesigned its app to separate content from social conversations. Analysts warned that the difficult redesign process could affect user growth.

By the numbers, per CNBC.

  • Revenue: $230.7 million vs. expected $244.5 million expected (according to Thomson Reuters)
  • Earnings per share: -$0.17 vs. -$0.16 expected
  • Daily active Users (DAU): 191 million vs. 194.2 million expected by FactSet
  • Average revenue per user (ARPU): $1.21 vs. $1.27 expected by FactSet

"We are now focused on optimizing the redesign based on our ongoing experimentation and learning," Snap Inc. CEO Evan Spiegel said in prepared remarks.

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Schools get creative to keep students connected

Illustration: Eniola Odetunde/Axios

School districts are exploring ways to keep their homebound pupils connected to the classroom, even though many students don't have the internet service or devices they need to do assignments.

Why it matters: All teachers face the problem of "summer slide" — when students lose skills during summer breaks. This year will be doubly hard because students are losing between one and three additional months of in-classroom instruction due to coronavirus-driven closures.

U.S.-led coalition in Iraq withdraws from 3rd base this month

A soldier stands guard at the Qayyarah airbase in southern Mosul on March 26. Photo: Murtadha Al-Sudani/Anadolu Agency via Getty Images

The United States-led coalition in Iraq withdrew from K-1 Air Base in the northern part of the country on Sunday, AP reports.

Why it matters: It's the third site that coalition forces have left this month as the U.S. gathers troops in Baghdad and at Ain al-Asad Air Base.

Go deeperArrow36 mins ago - World

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 8 a.m. ET: 679,977 — Total deaths: 31,734 — Total recoveries: 145,625.
  2. U.S.: Leads the world in cases. Total confirmed cases as of 8 a.m. ET: 124,686 — Total deaths: 2,191 — Total recoveries: 2,612.
  3. Federal government latest: Trump announces new travel advisories for New York, New Jersey and Connecticut, but rules out quarantine enforcement. Per CDC, those residents should "refrain from non-essential domestic travel for 14 days," with the exception of critical infrastructure industry workers.
  4. State updates: Alaska issues a stay-at-home order — New York tries to nearly triple hospital capacity in less than a month and moved presidential primary to June 23. Some Midwestern swing voters who backed Trump's initial handling of the virus balk at call for U.S. to be "opened up" by Easter.
  5. World updates: In Spain, over 1,400 people were confirmed dead between Thursday to Saturday.
  6. 🚀 Space updates: OneWeb filed for bankruptcy amid the novel coronavirus pandemic.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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