Aug 7, 2018

Snapchat loses users for the first time after controversial redesign

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.

Go deeper

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.

The NFL warms up to betting

Photo: Jim McIsaac/Getty Images

Starting this season, NFL teams in states with legal sports betting will be allowed to have in-stadium betting lounges and accept sponsorships from sportsbooks and betting operators, per multiple reports.

One caveat: There will not be any physical betting windows in the lounges, so they're more "hangout spots for bettors" than an actual "places to make bets."

Go deeperArrow2 hours ago - Sports

Situational awareness

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