Snapchat found more friends and made some money — but far far fewer than analysts had hoped. It's not good.
How bad? Really bad. Snapchat shares dropped 20 percent just minutes after the earnings were first released.
Snapchat is now at 166 million daily active users. JPMorgan had expected Snapchat to reach 169 million daily active users, an 8 million increase from the 161 million the company reported when it filed to go public.
That's under expectations and far under Facebook's more than 1 billion daily active users and nearly 2 billion monthly active users. It's also far below Instagram's more than 400 million daily active users, 200 million of whom watch Instagram Stories, its copycat version of one of Snapchat's core products. Read more...
More about Snapchat, Earnings, Evan Spiegel, Snap Inc, and Businessvia Zero Tech Blog
