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Snap stock falls as losses mount

https://sparkolinks.com/<br>Shares of Snapchat's parent company Snap plunged Tuesday after reporting significant losses and lower-than-market user numbers.<br>The California-based company's revenue increased to $207.9 million, but its loss more than tripled to $443 million in the quarter ended Sept. 30, according to an earnings release.<br><br>Snap reported he lost $124 million in the same quarter last year.<br><br>Snap shares fell more than 17% in aftermarket trading to $12.53 after the earnings release.<br><br>The company said the number of people using Snapchat daily increased by 17% from the same period last year to 178 million.<br><br>Snapchat became popular among young smartphone users for its often disappearing photo and video messages, but analysts believe that to keep up with the rapidly evolving Facebook-dominated snapchat video download online social media sector, It says it needs to show strong growth. <br><br>Snapchat is best known for its smartphone messaging, but it also partners with a number of media outlets that strive to reach their audience with news, videos, and other content.<br><br>NBCUniversal and Snap Inc announced a joint venture last month to produce original scripted shows for Snapchat.<br><br>u201cContent is becoming an important part of our business,u201d said Snap CEO Evan Spiegel during an earnings call with analysts.<br><br>According to Spiegel, the method of simplifying the image creation and search process will be part of a major overhaul planned for versions of the application tailored for Android smartphones and tablets.<br><br>Snapchat usage is growing faster among his Android smartphone users than iPhone users, so the company is overhauling his Android application to make it easier and faster to use. the company said. Spiegel admitted that Snapchat's user numbers didn't grow as much as he had hoped during the quarter.<br><br>Glasses type<br><br>Snap management said it overestimated the demand for his Spectacles sunglasses with built-in cameras and lost nearly $40 million.<br><br>"We made the wrong decision because of the initial traction and ultimately didn't sell as many glasses as we hoped," Spiegel said.<br><br>Snap management download Pinterest Videos has tried to reassure analysts that its recently launched self-service advertising system for businesses is gaining momentum, but "overall ad load remains light."<br><br>Snap's priorities for the next year include increasing the number of users and types of content on its platform, as well as investing in augmented reality and machine learning.<br><br>One of the ways Snapchat makes money is through u201clenses,u201d which allow virtual outfits and other effects to be layered onto real-world photos taken with a smartphone camera. u201c2018 promises to be a productive year for Snap, and it will bring a lot of change,u201d Spiegel said.<br><br>Citing Snapchat's popularity among people under 35, Spiegel said, "Our audience may not be the biggest right now, but I'm sure it's the most strategic. .<br><br>Snap's "ugly" fiscal quarter and bad bets on Spectacles could put management in the board's crosshairs, according to independent analyst Rob Enderle.<br><br>"This shows the company is in trouble, and I don't know how they're going to get out of it," Enderle said of the earnings call. Click here!

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Snap stock falls as losses mount

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