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Snap daily users rise 36.1 percent in first report after IPO

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Snap Inc , the parent of popular disappearing-messaging app Snapchat, reported a 36.1 percent increase in daily user growth in the company’s first quarterly results after its red-hot IPO, amid 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, NY, U.S. on March 2, 2017. REUTERS/Lucas Jackson/File Photo

REUTERS: Snap Inc , the parent of popular disappearing-messaging app Snapchat, reported a 36.1 percent increase in daily user growth in the company’s first quarterly results after its red-hot IPO, amid stiff competition from Facebook Inc .

Snap said on Wednesday its daily active users (DAUs) rose to 166 million in the first quarter ended March 31, from 122 million a year earlier.

The company had reported a 47.7 percent rise in users for the fourth quarter and a 62.8 percent jump in the third quarter, according to its IPO filing.

J.P. Morgan expected Snap’s first-quarter DAUs to grow to 169 million, while Monness, Crespi, Hardt & Co Inc pegged it at 173 million.

Facebook, which once made a US$3 billion bid for Snapchat, has upped the ante by making the camera a central piece of its apps and offering features similar to Snap on its platforms, including Instagram and WhatsApp.

The company recently said Instagram Stories alone had reached 200 million daily active users.

Snap said revenue rose jumped nearly four-fold to US$149.6 million, helped by advertising sales.

The company’s net loss widened to US$2.21 billion, or US$2.31 per share, in the first quarter, from US$104.6 million, or 14 cents per share, due to stock-based compensation around the IPO.

Snapchat launched in 2012 as a mobile app that allows users to send photos that vanish within seconds.

The company rebranded as Snap Inc last year, and its US$3.4 billion public listing in March was the hottest technology offering in three years.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)



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