Snap Inc has reported a near quadrupling of Q2 losses despite revenues doubling from a year earlier.
But it wasn't all bad news. But the firm added just seven million new users in the quarter, compared to eight million in the first three months of the year. Snapchat had 148 million users this time past year. Snap's loss widened to $443 million, compared to $115.9 million in the same period past year. Instagram in its entirety, meanwhile, had more than 400 million daily users as of February, the last official count. In Canada and the USA, there were 75 million daily users at the end of last quarter, compared to 71 million in the first quarter.
Snap has suffered from falling stock prices since floating on the United States share market earlier this year. But the business, whose main offering is a messaging service where people can use filters to change their faces and voices, is not growing the amount of money made per customer as quickly as investors had hoped.
Since it first appeared on the public markets, Snap has described itself as a "camera company", but has given little indication on plans to move into hardware or its broader strategy.
But Snap has said what makes it so special is that people spend so much time on the app, from 25 to 30 minutes per day.
Snapchat also wanted analysts to pay attention to the growth in North America, where the users are more valuable.
"Our dancing hot dog is most likely the world's first augmented reality superstar", Spiegel said in the call.
Publisher Story views are up 30 percent quarter-over-quarter.
The video-focused company must prove it can withstand direct challenges from Facebook's Instagram and Google.
Spiegel touted Snapchat's Memories feature, which acts like a camera roll for saving photos and videos that would otherwise expire. (SNAP) has revolved around the impact of Facebook's clones - Instagram Stories especially - on Snapchat's user growth. Investors have been anxious about the volatility of the stock, with a post-IPO ban on employees selling shares expiring on Monday.
"We believe deeply in the long-term success of Snap", he told analysts on a call after the results were released. In the second quarter, Snap added a maps function for users to see where friends are, as well as a search section.
Several large investors have recently modified their holdings of SNAP. Its confirmed acquisition of the ad company Placed will be reflected in its third-quarter financials, as that deal was closed in July.
Shareholders are always scouring the tech industry for the next Facebook, and Snap is the latest contender for the crown - or at least that was the case when it floated on Wall Street.
"If that's how (Spiegel) wants to play his cards that's fine, but there's going to be a trade off", said Jason Moser, analyst for Motley Fool.
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