Snap posts lower-than-expected daily active users

Snap posts lower-than-expected daily active users

Snap Inc reported a lower-than-expected number of daily active users for Snapchat, its popular messaging app, for the second quarter as the company grapples with stiff competition from Facebook Inc.

FILE PHOTO - A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, New York, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo

REUTERS: Snap Inc reported a lower-than-expected number of daily active users for Snapchat, its popular messaging app, for the second quarter as the company grapples with stiff competition from Facebook Inc.

Snap said on Thursday its daily active users (DAUs) rose to 173 million in the quarter from 143 million in the year-earlier quarter and 166 million in the previous quarter.

However, analysts on an average were expecting Snap to report 175.2 million DAUs for the three months ended June 30, according to financial data analytics firm FactSet.

Snap, in its second earnings report since the company went public in March, posted a wider net loss and an increase in revenue for the second quarter.

The company's shares were down about 4 percent in extended trading on Thursday.

(Reporting by Aishwarya Venugopal and Anya George Tharakan in Bengaluru; Editing by Savio D'Souza)

Source: Reuters

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