Monday, 24 September, 2018


Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat

Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat Saudi Arabia's Prince Alwaleed bin Talal buys stake in Snapchat
Conrad Doyle | 08 August, 2018, 16:27

This appeared to confuse the market initially, who rallied behind Snap's share price initially in after-hours trading, but it seems likely this will only be a temporary reprieve before the company gets purchased by AOL, like all eventually defunct web brands.

Advertising revenue is up 48 percent year-over-year as well, making the platform all the more enticing to the potential advertiser.

Daily active users however are down about 4 million, from 192 million to 188 million. CNN reports that this is the first time Snapchat's user count has dropped since Snap Inc went public. This was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign.

Snap Inc CEO Evan Spiegel said on a call with investors, "It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from our community".

Snap on Tuesday reported higher-than-expected quarterly revenue but its first-ever drop in daily Snapchat users.

Other social media networks such as Facebook (FB) and Twitter (TWTR) recently reported disappointing earnings.

Investors sent Snap's stock on a rollercoaster ride Tuesday following the company's Q2 2018 earnings release: Share prices for Snapchat's corporate parent gained more than 10% immediately following the release of news that the company beat analysts' revenue and earnings estimates, and that Saudi prince Alwaleed bin Talal had acquired a 2.3% stake in the company with a $250 million investment.

The prince had previously been rumoured to be interested in investing in Snap prior to its IPO, though in 2015 a source told Reuters there were "no plans to invest".

Its revenue was $262 million (around Rs. 1,800 crores) in the second quarter, beating the average estimate of $250.43 million (roughly Rs. 1,700 crores), as average revenue per user surged to $1.40 (roughly Rs. 96) from $1.05 (roughly Rs. 72) a year ago.

The overall takeaway is people are using the platform, they are paying the premiums analysts questioned as dubious and individual user engagement as well as the amount of spend per user is up significantly. Share your opinion - Become a BI insider today!

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