Snapchat shares tumble as results miss Wall Street targets

The popular app - facing stiff competition from Facebook - reported slowing user growth and lower than expected revenues.
Image result for Snapchat shares tumble as results miss Wall Street targets
Shares in the owner of Snapchat have fallen by a quarter after its first set of results since floating on the stock market missed Wall Street expectations.
Snap reported a loss of $2.21bn for the first quarter, mainly due to stock-based compensation linked to the $24bn float in March.
But it was lower than expected revenues and slowing growth in user numbers that gave investors the jitters.
The shares were down by 25% in after-hours trading in the company - which is facing stiff competition from larger rival Facebook.
Snap said its number of daily active users had risen to 166 million, up 5% from 158 million in the fourth quarter of 2016, but lower than some analysts had expected.
Image result for Snapchat shares tumble as results miss Wall Street targets
Year-on-year growth in users was 36%, slowing from 48% in the fourth quarter and 63% in the third quarter.
Revenues were up nearly four-fold compared to the same period last year at $149.6m but lower than the $158m expected on average by analysts.
Measured per user, revenues were three times higher than in the same quarter last year but 14% lower compared to the previous three months.
The disappearing messaging app, popular with teenagers, attractedhuge interest when it went public in New York earlier this year - sending its shares 44% higher in its first day of trading.
But Facebook - which once offered $3bn to buy the business - has upped the ante by offering features similar to Snapchat on its platforms including Instagram and WhatsApp.

By;Worldcoinsmoney.blogspot.com
Technology.

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