Snapchat just did something insane. It beat expectations

Snap is redesigning its app to make it easier to use

The positive news sent shares of Snap soaring more than 23% in after-hours trading on Tuesday to $17.32, as investors showed renewed confidence in Snapchat's ability to add new users to help it compete with larger social media rivals like Facebook and Facebook-owned Instagram.

However, net losses increased in the previous quarter, doubling to $350 million.

Fortune noted that, since its public launch in March, Snap has failed to impress investors with its slowing user growth but the revamped version of the app seeks to simplify navigation and include tools that allow user to share content beyond their social circle. With muted notifications, Snapchat users may also be moved to check the app more often, leading to more usage and engagement.

Spiegel said early feedback shows the redesign makes the app easier to user, "especially for older users". The company had a trading volume of 166,232,094 shares, compared to its average volume of 22,712,875. SunTrust Banks reaffirmed a "sell" rating and set a $10.00 target price on shares of Snap in a report on Thursday, October 12th.

"This was a monster quarter relative to bearish expectations", analyst Daniel Ives of GBH Insights said, cautioning however that "competitive headwinds abound with Instagram front and centre". Ever since the company behind Snapchat publicly unveiled paperwork with plans for a $20 billion IPO nearly exactly a year ago, concerns have surfaced about Snap's long-term viability.

Snap has been constantly tweaking its service, redesigning and adding new features, aiming to improve the overall experience for existing users and make it more appealing to new customers. Wall Street, however, is looking for the company to report revenue of $253 million, up 52% from Q4 2016.

Taiwan quake : Collection of highly effective aftershocks hit Hualien
They sent the rescue teams scurrying from the building, only for them to return a little later and resume their grim task. Its streets were buckled by the quake, with around 40000 homes left without water and around 1900 without power.

Harry Kane is Europe's best admits Arsene Wenger despite derby tension
But here, talkSPORT.com is more concerned with the present and tells you what you need to know about the north London derby. We want to get diving out of the game.

Alabama's run of top-rated classes ends on National Signing Day
UWG's signing class consists nearly exclusively of players from Georgia high school programs. The reigning national champions, Alabama , are at No. 4 or 7 in the three rankings.

Mr. Greenfield said Snap was a communications company that was trying to develop an advertising business.

Excluding items, Snap reported a loss of 13 cents. The company reported ($0.14) earnings per share for the quarter, topping the Thomson Reuters' consensus estimate of ($0.31) by $0.17.

Brian Wieser, senior research analyst for advertising at Pivotal Research Group, took a rosier view in a note to clients today, observing that advertisers outside of the Ad Age 100 accounted for more than half of Snap's revenue for the first time.

Revenue: $285.7 million (£205 million), up 72% year-over-year and above the $252.8 million (£181 million) expected by analysts. The company posted average revenue per user was up 46% year-over-year. A majority of these ad buyers (96%) said that they would prefer to advertise on Instagram, the leading competitor to Snap. In Q4, the number of Snap Ads served increased by 575 percent year over year.

"We executed well on our 2017 plan to improve quality, performance and automation, which removed friction from our advertising business and improved our application for the Snapchat community".

Related news:

Hot News