Snap may be building out a slick advertising business in hopes of competing against juggernauts like Facebook, Google and Amazon, but the media and messaging app continues to fall below Wall Street’s expectations. So, it’s building new versions of the app for Android and is planning a major redesign. (Adweek)
“One thing that we have heard over the years is that Snapchat is difficult to understand or hard to use, and our team has been working on responding to this feedback. As a result, we are currently redesigning our application to make it easier to use,” Snap CEO Evan Spiegel said in a statement Tuesday. (Mashable)
Spiegel also said Snap was getting ready to roll out new monetization options for creators in 2018. Spiegel made these remarks as the company released another disappointing earnings report, posting both revenue and user growth numbers that were significantly below market expectations. (Variety)
Snap reported revenue of about $208 million, roughly 12 percent less than the $237 million analysts were hoping for. Snap also reported a net loss of $443 million on the quarter. The company added just 4.5 million new daily users; analysts were expecting closer to 8 million new users. It now has 178 million total daily users. Snap stock was down more than 18 percent in early after-hours trading. (Recode)