The Biggest Reason Snap Missed Revenue Expectations
Snap (NYSE: SNAP) fell short of Wall Street's expectations with its second-quarter earnings results. Its top line came in at $181.7 million, while analysts, on average, were expecting $186.2 million.
Many point to the slow user growth as a big reason Snap missed. Pressure from Facebook (NASDAQ: FB) has caused user growth to slow considerably over the last year. Snapchat added just 7.3 million new daily active users to reach 173 million. Most expected a bit more, with the consensus being around 175 million daily average users for the quarter. For reference, Snapchat added 21 million new users in the second quarter last year.
But even 2 million more users would have left Snapchat short of revenue expectations because of a much more concerning result. Snapchat's average revenue per user (ARPU) fell short of expectations, as well.
Source: Fool.com
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