Aug 7, 2018

Snapchat loses users for the first time after controversial redesign

Sara Fischer

lllustration: Greg Ruben/Axios; Photo: Mark Lennihan/AP

Snapchat reported Tuesday that it lost over 3 million daily active users in the second quarter of 2018, the first time the company has ever reported a loss in its user base.

Why it matters: The company blames its very controversial redesign earlier this year for the drop.

In total, the company saw a decrease of 2% of its user base from last quarter. CEO Evan Spiegel says that monthly active users, a figure Snapchat doesn't publicly report, is growing.

The upside: The company's stock was still up in after-hours trading, as a loss in users did not result in missing its revenue or earnings goals.

  • Revenue was up 44% to $262 million in Q2 2018, compared to revenue of $182 million in Q2 2017.
  • Average revenue per user (ARPU) increased 34% to $1.40 in Q2 2018, compared to $1.05 in Q2 2017.

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Sam Baker

Supreme Court to hear Philadelphia case over same-sex foster parents

Photo: Daniel Slim/AFP via Getty Images

The Supreme Court agreed Monday to hear a high-profile case that could reshape the bounds of First Amendment protections for religion.

Why it matters: The direct question in this case is whether Philadelphia had the right to cancel a contract with an adoption agency that refused to place foster children with same-sex couples. It also poses bigger questions that could lead the court to overturn a key precedent and carve out new protections for religious organizations.

Go deeperArrow43 mins ago - Politics & Policy
Axios

Situational awareness

President Trump and First Lady Melania Trump at the Taj Mahal. Photo: Mandel Ngan/AFP via Getty Images

Catch up on today's biggest news:

  1. Coronavirus rocks Asian markets
  2. Supreme Court to hear case over same-sex foster parents
  3. In photos: Trump's massive rally in India
  4. Trump assembles "Deep State" hit list
  5. Intuit reportedly nears $7 billion deal to buy Credit Karma
Keep ReadingArrowUpdated 43 mins ago - Politics & Policy
Ina Fried

Why Apple may move to open iOS

Photo illustration: Jakub Porzycki/NurPhoto via Getty Images

Apple may finally allow iPhone owners to set email or browsing apps other than Apple's own as their preferred defaults, according to a Bloomberg report from last week.

The big picture: Customers have long clamored for the ability to choose their preferred apps, and now Apple, like other big tech companies, finds itself under increased scrutiny over anything perceived as anticompetitive.

Go deeperArrow1 hour ago - Technology