Saudi billionaire takes stake in Snap

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But the share prices gave up much of those gains soon after, as the news sunk in that the company's user base wasn't growing as expected, with Snapchat losing daily active users quarter-over-quarter for the first time in its history. That's despite the introduction of a new model of Spectacles this quarter.

So it doesn't look like Snap is scared of big, bad Facebook just yet - even if less and less of us are using it.

Yet, things are not all bad. Revenues were also better than anticipated, coming in at $262 million where analysts had expected $250 million.

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The social media giant also revealed its net loss had fallen by 20% on the same period previous year, down to 353.3 million dollars (£273m) from 443 million (£342.3m).

Prince Alwaleed Bin Talal, a businessman and a member of Saudi Arabia's royal family, announced Tuesday that he's acquired 2.3% of the class A shares of the messaging app maker. Analysts on average expected Snap to gain almost 2 million users in the second quarter from the first quarter, according to Thomson Reuters I/B/E/S. Snap CEO's addressed these issues during today's earnings call. The period that ended in June was the first full quarter in which all users shifted to a new version of Snapchat that separates content from a user's friends and content from public figures. "It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from the community", he said. Chief Executive Officer Evan Spiegel defended his strategy, saying that while the redesign was the primary reason for fewer daily users, "we believe that this is an important evolution of our product that will help drive future growth in engagement", according to his prepared remarks.

Snapchat lost three million users in the last three months, its latest financial results have revealed. After initially shooting up more than 10 percent following the unexpected revenue beat, it then dipped to below its closing price before ticking back up slightly. Users spend an average of over 30 minutes on Snapchat every day, he added, and user retention for people older than 35 has increased more than 8 percent.

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