Snapchat Is Back (Sort Of) But investor Still Aren’t Happy
Snapchat's user base is finally growing again, though not dramatically enough for investors. The social channel added 4 million daily active users last quarter, marking its first gain in a year. Snapchat now has 190 million DAUs, up from 186 million at the end of 2018.
That was also 3 million more users than analysts were expecting, but down from the 191 million DAUs Snapchat had in the first quarter of last year. The company saw $320 million in revenue for the quarter, beating analysts estimates of $307.4 million and growing 39% year-over-year.
But all that was not enough for investors, who after giving the stock a quick bump, drove the stock down more than 5% as of Wednesday morning