Snapchat loses 2 million active users per day, CEO we are working on a new version of the app

As part of a quarterly earnings report, Snapchat shared that it had last 2 million active daily users in the last three months. With 186 million users,.

The app's parent company on Thursday disclosed that it has 186 million active users per day in the third quarter, down 1 percent from the previous quarter when it reported that it has 188 million active users per day.

In his prepared remarks, Snap Evan Spiegel CEO attributed the drop to Android phone users and said the company is working on a new version of the application for this platform. "The Android community represents a global growth opportunity for us, and we are making good progress in testing application in the markets," he said.

While the company does not provide specific guidance on user growth in the coming quarters, Spiegel also indicated that DAUs are expected to continue to decline sequentially during the fourth quarter of 2018.

Although there are fewer people in the app, Snape has improved monetization from its audience. Revenue for the period grew 43% to $ 298 million, more than $ 283 million that Wall Street expects. The company also reported an adjusted loss of 12 cents per share, less than 14 cents per share expected.

Earlier this year, Snap made a redesign for Snapchat which frustrated many users. Changes are designed to make the separation between messages and published content. He noted that since the redesigned, more people see the distinct content on Snapchat. Earlier this month, the company also introduced a series of new scripts, including a university comedy by Mark and Jay Doblas' DBP Donut called Co-Ed, designed to keep users interacting and returning more. Investors will not know whether these offers can help boost Snape's user base until the end of the fourth quarter.

In the midst of these challenges, the company lost many senior executives, including Strategy Director Imran Khan, who was instrumental in leading the company through its first public offering in the spring of 2017. On Wednesday, Snap announced that it had hired the former CEO For Amazon Jeremy Gorman as Chief Executive Officer and former CEO of HuffPost Jared Grossd as Strategy Director.

Investors reacted to the strike, prompting the company's shares to rise by more than 6 per cent during trading hours. But in the end stocks fell nearly 2 percent. Surprising stocks closed today more than 6 percent, or 42 cents, to $ 7.01.

This article was originally published by The Hollywood Reporter.