Snap misses growth estimates as user numbers stall
- Snap Inc has announced that the rise in users, thanks to Covid-19 and lockdown measures, has petered out sooner then expected, with their new estimate lower then originally.
- Stock prices fell 11% at the news before eventually paring losses to 6%
- The amount of daily active users, something often closely watched by investors and advertisers rose 17% to 238 million users, 440,000 short of what was originally estimated.
- During that time period, revenue from advertising sales increased 17% to $454.2 million for the quarter, well over the $440 million expectation