Prince Alwaleed acquires 2.3% stake in Snapchat

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Saudi Arabia's Prince Alwaleed bin Talal, a well-known tech investor, announced on Tuesday that he had invested $250 million into the company, in return for a 2.3% stake. That 188 million daily active user number is 8 percent higher than this time past year, and CFO Tim Stone said that monthly active users are now up to 100 million in United States and Canada.

The company behind Snapchat posted revenue of $262.3 million in the period, also topping the estimate of $247.2 million.

This appeared to confuse the market initially, who rallied behind Snap's share price initially in after-hours trading, but it seems likely this will only be a temporary reprieve before the company gets purchased by AOL, like all eventually defunct web brands. "Our users continue to spend an average of over 30 minutes on Snapchat on a daily basis".

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Snap is battling for relevance against Facebook-owned Instagram, and many analysts had expected active daily user numbers to be flat. Chief Executive Evan Spiegel said in prepared remarks that the redesign was the primary reason for usage slipping, but he credited the changes for increasing viewership of key ad-supported content this year. Snap said new user retention for people over 35 has grown more than 8% since redesigning the app earlier this year.

Snap's user growth has pulled back sharply over the past two years. Speaking six months after the relaunch, he added: "We have been working hard to iterate and improve Snapchat based on the feedback from our community". Snap had never before logged a quarterly drop in daily users, according to data it has released going back to 2014.

The earnings report didn't have any specific sales figures for its latest Spectacles hardware, though it did report $2 million in non-advertising revenue.

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Snap said ending leases in Venice, California, to consolidate offices a few miles north in Santa Monica cost it $3.9 million in the second quarter and would result in total expenses of $25 million to $45 million in 2018, mostly in the current quarter.

Loss per share: 14 cents a share, whereas Thomson Reuters consensus estimate as 17 cents loss per share.

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