SnapChat First Drop is Annoying
Snap has been struggling to convince big advertisers in order to spend more of their budgets on Snapchat ads and reach the app’s base of mainly 18-34-year-old users. However, Snap reported a loss of 14 cents a share.
Evan Spiegel, CEO, Snap said:
“It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from our community. We feel that we have now addressed the biggest frustrations we’ve heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right people.”
Snap had never before faced a quarterly drop in daily users. However, Snapchat redesigned the app in February, the purpose behind that was to encourage users but it seems that Snapchat couldn’t make it.