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Snap Inc (SNAP.N) first quarter revenue and fixed number of users were double inferior to Wall Street expectations, because of its instant messaging application Snapchat reversion, some long fans and advertisers lost interest. Snap shares fell sharply on Tuesday.
As a more powerful competitor, Facebook (FB.O), introduced a similar Snapchat to Instagram, Snap modified its application, adding automated advertising buying tools to keep users and advertisers.
In the quarter ended March 31st, the number of Snap active users increased to 191 million. According to Thomson Reuters I/B/E/S, the estimated number of active users per day is 194 million 150 thousand. The number of active users daily is critical to bringing advertising revenue.
The number of active users per day increased by 15% over the same period of the previous year. In comparison, the increase in the previous season was 18%.
Snap shares fell 16.5% to 11.77 U.S. dollars in after hours trading.
Drew Vollero, the chief financial officer, said in a pre - prepared lecture that the second quarter revenue may have slowed considerably over the same period of the previous year, as the price of advertising and custom-made creative tools turned weaker.
In the current quarter, the company's total revenue grew 54.1% to 230 million 700 thousand dollars over the same period last year, which is the fifth earnings of Snap since its listing as a listed company. Analysts had originally estimated revenue of $244 million 500 thousand.

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