Market watchers set the Snap earnings bar low, but the social media company was still not able to meet expectations.
Analysts expected revenues of $238 million, but the company brought in $20.8 million. And daily active users grew to just 178 million, compared to estimates for 182 million.
While Snap did report a slightly smaller loss than expected, it still bled about $440 million during the quarter. It also said in a statement that it has a surplus of Spectacles, its connected eyewear product, due to lower-than-expected demand. Still, the company isn't giving up on the product yet, saying it still expects to sell the excess inventory.
The company added in a press release that it is looking to redesign its app to make it more user-friendly, acknowledging that the redesign may disrupt business in the short term. But Snap hopes the reformatting will create long-term benefits.
Tesla is being investigated for allegedly misleading investors about its self-driving capabilities. And one analyst says the company 'needs' that tech to grow.
Apple’s latest event promised to usher in a new era for the company’s iPads, but what’s missing is cohesion as it gets closer to the developers conference.
A settlement being discussed in a lawsuit against the NCAA and major college conferences could cost billions and pave the way for a compensation model.