Snapchat Parent Snap Posts Its First Loss in Daily Active Users

Snapchat parent Snap is expected to report second-quarter earnings on Tuesday

"We are learning a lot as we continue to iterate based on customer feedback", Spiegel said about the smart glasses.

Prince Alwaleed bin Talal, the Saudi investor, disclosed a $250 million stake in Snap last night as the company reported an unexpected decline in users of its Snapchat app.

"Snapchat is one of the most innovative social media platforms in the world and we believe it has only just begun to scratch the surface of its true potential and we are blessed to be part of it", Prince Al-Waleed bin Talal said in a statement. Critics in the past have anxious about Snap keeping user engagement up, keeping the users coming back and keeping them using the application, which is declining in some areas while growing in others, leading investors to boost the stock up in after hours trading although it has since levelled back to around the closing price.

The company has shifted over the a year ago to primarily selling ads through self-service, automated auctions rather than direct sales.

Snap has been able to boost sales volumes by competing with bigger services on price. That's a 44 percent year-over-year increase and a 11.9 percent increase from last quarter.

Revenue aside, Snapchat's daily active user base declined for the first time.

Snap has been redesigning its app to encourage users to interact with more of its ad-supported videos.

For the current quarter ending in October, Snap said it expects revenue in the range of $265 million to $290 million.

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But daily Snapchat users fell to 188 million in the second quarter from 191 million in the prior quarter, Snap said, which could heighten investor anxiety about how competition and privacy issues are affecting Snap and its peers.

The drop in daily active users is an unfortunate turn for the company, as it struggled with a tepid reaction to its app redesign late previous year as well as continuing problems with its Android app. CNN reports that this is the first time Snapchat's user count has dropped since Snap Inc went public.

The new design, which was reportedly spearheaded by Spiegel himself, prompted an outpouring of anger from users nearly immediately. It also warned that, like Facebook and Twitter, user growth had been punished by the implementation of Europe's General Data Protection Regulation. Both companies shed some 19 percent in market value after reporting.

Snapchat is dogged by numerous same issues it has always been: an appeal to teens and young adults but limited attributes for significant take-up beyond those age groups.

"It's always going to be a niche platform, so the modest change isn't very remarkable", said Pivotal Research's Brian Wieser.

Snapchat users spend 30 minutes per day on average using the app, and generated over 3 billion snaps per day.

Employees had griped about Snap's network of small, spread out offices in Venice.

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