Market watchers set the Snap earnings bar low, but the social media company was still not able to meet expectations.
Analysts expected revenues of $238 million, but the company brought in $20.8 million. And daily active users grew to just 178 million, compared to estimates for 182 million.
While Snap did report a slightly smaller loss than expected, it still bled about $440 million during the quarter. It also said in a statement that it has a surplus of Spectacles, its connected eyewear product, due to lower-than-expected demand. Still, the company isn't giving up on the product yet, saying it still expects to sell the excess inventory.
The company added in a press release that it is looking to redesign its app to make it more user-friendly, acknowledging that the redesign may disrupt business in the short term. But Snap hopes the reformatting will create long-term benefits.
Ride-hailing companies Uber and Lyft will pay a combined $328 million to settle wage theft claims in New York, Attorney General Letitia James announced Thursday.
World leaders and top executives are meeting just outside of London on Wednesday and Thursday to address artificial intelligence concerns and risks. Cheddar News explains.
Orthodontist and dentofacial orthopedist Dr. Kami Hoss founded SuperMouth to help get kids excited to brush their teeth the right way from the beginning.
