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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17 mins ago - Health

Fauci says U.S. may not return to normal until 2022

Director of the National Institute of Allergy and Infectious Diseases, Anthony Fauci, testifies during a September Senate hearing on COVID-19 in Washington, D.C. Photo: Graeme Jennings/Pool/AFP via Getty Images

NIAID director Anthony Fauci told the Journal of the American Medical Association on Wednesday he doesn't expect a COVID-19 vaccine to be ready until January 2021 or later.

What he's saying: Fauci said during the interview that the U.S. was in a "bad position" after failing to keep case numbers down post-summer. "We should have been way down in baseline and daily cases and we’re not," he said.

Hurricane Zeta makes landfall on Louisiana coast as Category 2 storm

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta is "battering southeastern Louisiana and southern Mississippi with life-threatening storm surge, high winds, and heavy rain," per the National Hurricane Center.

What's happening: The hurricane was producing maximum sustained winds of nearly 110 mph and stronger gusts after making landfall on the southeastern coast of Louisiana as a Category 2 storm earlier Wednesday. By nightfall, Zeta had sustained winds of 80 mph with a wind gust of 104 mph.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Trump's testing czar: Surge "is real" and not just caused by more testsMask mandates help control rise in hospitalizations Some coronavirus survivors have "autoantibodies."
  3. Business: Consumer confidence sinking Testing is a windfall.
  4. World: Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.