FILE PHOTO: A woman stands in front of the logo of Snap Inc. on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson
April 23, 2019
By Vibhuti Sharma and Sheila Dang
(Reuters) – Snap Inc’s original shows and rebuilt Android app helped it add Snapchat users for the first time in three quarters and beat analyst revenue expectations, but that was not enough to push its shares higher after a sharp run up this year.
Snap said the number of daily active Snapchat users rose to 190 million in the first quarter from 186 million in the prior period, but remained below the 191 million it had a year earlier.
The figure, widely watched by investors and advertisers, beat analysts’ average estimate of 187.2 million daily users, according to IBES data from Refinitiv.
Overall revenue jumped nearly 40 percent in the quarter from a year earlier as Snap was able to wring more ad revenue out of each user.
Executives left the company in droves late last year after a widely panned redesign of Snapchat, and any uptick is a welcome sign Snap has stemmed user losses.
Chief Executive Evan Spiegel has worked to turn Snap’s business around while the company largely avoid privacy and other scandals plaguing bigger rivals like Facebook Inc.
Snap did not give specific guidance on future user growth, but cautioned that growth rates tend to be higher in the first quarter versus the second quarter.
Shares of the company, which rose 12 percent immediately after the results, gave up most of their gains to trade up marginally at $12.08. They have more than doubled in value so far this year.
“Things are improving at Snap, and that could be putting it mildly – although with the shares up 100% so far this year, that’s pretty priced in,” said Nicholas Hyett, an analyst at Hargreaves Lansdown, in a note.
In an effort to increase how much time users spend on the app, Snap, which faces stiff competition from Facebook’s Instagram, launched more than 50 shows and publisher stories in international markets alone during the reported quarter.
It also rebuilt its Android app, which had more bugs and a worse user experience than its iOS app. Snap had prioritized development on the Apple ecosystem through its stock market debut in 2017.
Snap’s revenue, which it earns from selling advertising on the app, jumped 39 percent to $320.4 million and beat Wall Street’s average estimate of $306.6 million.
Revenue growth was helped by new ad formats like unskippable commercials on its original shows, which are housed on the Discover page, a panel on the app that contains publisher content along with influencer content.
“Snap is maintaining, which is a good place for them considering they still lack any clear direction on how to expand or pivot its app beyond the under 34-year-old demographic,” said Jessica Liu, a marketing analyst at Forrester.
Snap’s focus on privacy and communication between friends has helped it avoid problems with misinformation and the spread of abusive content, which have been an issue for Facebook and Google’s YouTube, two of Snap’s main rivals for digital ad dollars.
Average revenue per user jumped 39 percent to $1.68 during the quarter from a year earlier.
The company’s net loss narrowed to $310.4 million, or 23 cents per share, from $385.8 million, or 30 cents per share, a year earlier.
Excluding items, the company lost 10 cents per share in the quarter, beating analyst estimates of losses of 12 cents per share.
For the second quarter, Snap said it expects revenue of $335 million to $360 million. That compares with the average analyst estimate for revenue of $348.5 million, according to IBES data from Refinitiv.
Earlier this month, Snap launched a gaming platform within its Snapchat app featuring original and third-party games such as Zynga Inc’s Tiny Royale.
(This story corrects tenth paragraph to show Snap launched 50 shows and publisher stories in international markets, not that Snap launched 50 original shows).
(Reporting by Vibhuti Sharma in Bengaluru and Sheila Dang in New York; Editing by Arun Koyyur and Meredith Mazzilli)
Britain’s Queen Elizabeth arrives at the Easter Mattins Service at St. George’s Chapel in Windsor, Britain April 21, 2019. Ian Vogler/Pool via REUTERS
April 21, 2019
LONDON (Reuters) – Britain’s Queen Elizabeth, the world’s oldest and longest reigning living monarch, celebrated her 93rd birthday on Sunday by attending the traditional Easter service at Windsor Castle.
Elizabeth was accompanied by members of her family, including grandsons Prince William and Prince Harry, and William’s wife Catherine, at the Easter Mattins service in St George’s Chapel.
Prince Harry’s wife Meghan Markle, who is due to give birth to the couple’s first child imminently, did not attend.
The couple, who were married at the chapel in May 2018, posted a birthday greeting to Elizabeth on their official Instagram account.
“Happy Birthday Your Majesty, Ma’am, Granny. Wishing you the most wonderful day! Harry & Meghan,” they wrote.
Elizabeth was born on April 21, 1926, in Bruton Street, central London and became queen in 1952 at the age of 25, meaning she has now reigned for more than 67 years.
She has an official birthday in June which is publicly marked with a large parade of soldiers through central London, known as Trooping the Colour.
(Reporting by Paul Sandle; Editing by Mark Potter)
FILE PHOTO: Boxing – Anthony Joshua & Jarrell Miller Press Conference – Hilton London Syon Park, London, Britain – February 25, 2019 Jarrell Miller during the press conference Action Images via Reuters/Andrew Couldridge
April 19, 2019
(Reuters) – American Jarrell Miller says he never knowingly took a banned substance and will appeal a decision to revoke his license over an adverse finding from a doping test ahead of his heavyweight title fight with Britain’s Anthony Joshua.
Miller, who was due to fight WBA, IBF, WBO and IBO world champion Joshua on June 1 in New York, wrote on his Instagram account he was devastated upon hearing his boxing license was revoked in New York State.
“I have NEVER knowingly taken any banned substance and when I found out the news last night I was totally shocked,” Miller said on Instagram.
“My team and I stand for integrity, decency & honesty and together we will stand to fight this with everything we have!”
Miller also said the test was a voluntary one that he was happy to take and added that the results came one week after another voluntary test he took was completely clean.
The boxer’s camp have requested a B sample be tested, the BBC reported, and if that sample comes back negative Miller can apply for a license again.
ESPN reported that Miller had tested positive for the banned substance GW1516, which boosts endurance and helps athletes burn fat, citing three sources familiar with the matter.
“Remember don’t believe everything you hear and see. The facts will prevail and I shall be vindicated,” said Miller.
“I don’t have anything to hide and the truth will make itself known.”
(Reporting by Frank Pingue in Toronto; Editing by Peter Rutherford)