*By Alisha Haridisani*
Snap Inc.’s shares plunged by more than 15 percent Tuesday after the social media company reported a rough first quarter that missed estimates for both revenue and user growth.
Revenue came in at $231 million, 25 percent higher than a year ago but well below Wall Street's expectation for $244 million. The company also added just 4 million daily active users in the quarter, short of the 7 million adds forecast by analysts.
The results point to just how much of a problem Snap’s redesign has been for the company. “This is the first full quarter that the redesign has been out in the wild,” said Cheddar’s Alex Heath.
The company’s new look, which separated content from friends and channels, upset both users and publishers and even prompted celebrities such as Kylie Jenner to publicly cut ties with the platform. And after months of standing by the changes, the company last month was forced to backtrack, promising to redesign the redesign.
“We are now focused on optimizing the redesign based on our ongoing experimentation,” CEO Evan Spiegel said in a statement. “We look forward to continuing our efforts to refine and improve Snapchat.”
So far, investors don't seem convinced. The stock fell close to its lowest levels on record.
For full interview, [click here](https://cheddar.com/videos/snap-and-apple-report-earnings).
Orangetheory Brand President Lauren Cody on the fitness industry's shift from chasing aesthetics to prioritizing longevity and measurable health and wellness.
Peachtree Group CEO Greg Friedman breaks down the Fed's rate decision and the Senate's housing affordability bill and what it means for commercial real estate.
Nodi is giving kids a safe way to stay connected before they're ready for a smartphone. CEO Pascal Leonard Blum breaks down how the device works for families.
From coast to coast, gas prices are telling different stories. AAA's Aixa Diaz explains what's behind the numbers and what it means for American drivers.
AutoStore’s CPO Parth Joshi explains its new AI software layer designed to optimize warehouse robots in real time and unlock smarter, more efficient fulfillment
ROC CEO B. Scott Swann joins us live from the NYSE to discuss the company's IPO and how VisionAI is transforming facial recognition for defense and security.
If you asked anyone in 2007 what a “subprime mortgage” was, they wouldn’t have any idea. So here’s a question for you: Do you know what the private credit
Matternet founder and CEO Andreas Raptopoulos on the state of drone delivery in the U.S. and what it will take to make aerial delivery a mainstream reality.
