Snapchat Announces 'Disruptive' Redesign Following Earnings Miss

Snapchat CEO Evan Spiegel has announced an upcoming 'disruptive' redesign of the app following a major earnings miss today.

Shares of Snap dropped nearly 20% in after hours trading after the company reported revenue of $207.9 million, nearly $30 million less than expected by analysts. Snap posted a net loss of $443.2 million, or 36 cents a share, larger than the 33 cents per share forecasted. It also reported that daily active users increased just 3% from the second to the third quarter, the slowest growth rate since Snap began disclosing the metric.

In his prepared statement, Snapchat CEO Evan Spiegel announced an upcoming design of the app that will make it easier to use.





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