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Snapchat records loss of $443 mn, adds only 7 mn users in Q2

Snap shares plunged 14% after the results

IANS  |  San Francisco 

A billboard displays the logo of Snapchat above Times Square in New York.Photo: Reuters
A billboard displays the logo of Snapchat above Times Square in New York.Photo: Reuters

Hit by the growth of Facebook-owned 'Stories', photo-sharing platform managed to add only seven million daily active users (DAUs) in the second quarter of 2017.

Announcing for the quarter ended June 30, Snap Inc reported a loss of $443 million, with $181 million as revenue which was still below analysts' expectations of $186 million, CNET reported late on Thursday.

Snap shares plunged 14 per cent after the results.

"We believe deeply in the long-term success of Snap," CEO told analysts after the results, adding that "the company is making progress".

The DAUs grew from 143 million in Q2 2016 to 173 million in Q2 2017 -- an increase of 30.5 million or 21 per cent (year-over-year).

"DAUs increased 7.3 million or four per cent quarter-over-quarter from 166 million in Q1 2017," Snap said in a statement.

On the other hand, 'Stories' has garnered over 250 million MAUs. currently has nearly 700 million users globally.

The results underscore that "Stories has essentially flattened Snapchat's meteoric rise."

First Published: Fri, August 11 2017. 16:57 IST
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