Saudi Prince Alwaleed acquires 2.3% stake in Snapchat

Jamie McCarthy  Getty Images for Tribeca Film Festival

Snapchat parent Snap reported this afternoon that during the second quarter, the messaging app lost three million daily active users.

News also broke shortly after the earnings report; Saudi Prince Alwaleed tweeted that he had purchased a 2.3% stake in the company for $250 million.

However, there was positive news elsewhere in the results as parent company Snap Inc reported revenue of 262.2 million dollars (£202.6m), up 44% on this time previous year and above analyst expectations.

Snap Inc on Tuesday received a vote of confidence from a billionaire investor and reported record revenue from outside North America, factors that helped soften the blow of its first-ever drop in daily users.

Snap's stock was all over the map following its earnings.

The Venice, California-based company said it had a loss of 27 cents per share.

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Snapchat ended the quarter with an average of 188 million daily active users, compared to 191 million at the end of Q1. The company's results for the first quarter of 2018 were below expectations, and now the Q2 earnings report has been released.

"We have been working hard to iterate and improve Snapchat based on the feedback from our community", Evan Spiegel said on a call.

Sales climbed 44 percent from a year earlier to $262.3 million, Snap said Tuesday in a statement.

"We believe the market has trained itself to approach each quarterly result with a heavy dose of caution as Snap remains a "show me" stock", Moness Crespi Hardt analyst Brian White wrote in a recent note.

Analysts on average expected Snap to gain almost 2 million users in the second quarter from the first.

Snap has been working to convince big advertisers to spend more of their budgets on Snapchat ads and reach the app's base of mainly 18-34-year-old users, and it beat analyst revenue forecasts as it drew in more global and small business advertisers. "We saw and continue to see Snap as a niche platform". 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. Investors will also applaud the company for offering explicit guidance for the first time.

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