Shares of Twitter Inc, which competes with Snap and had 328 million average monthly active users in the latest quarter, had also tumbled 24 percent after its first quarterly report.
Snapchat posted daily active users of 166 million in the most recently ended quarter, which represented a 36% increase from the same period one year earlier. He noted that Snapchat users create 3 billion posts every day and the company is trying to avoid common user growth strategies like a lot of push notifications. The company reported a 47.7 percent rise in users for the fourth quarter and a 62.8 percent jump in the third quarter, according to its IPO filing.
"When we talk about growth. we want to use creativity" to boost Snap's number of daily users, Spiegel said.
Pakistani bombing kills 25, deputy Senate leader wounded
Pakistan's interior minister Chaudhry Nisar has condemned the attack and demanded a detailed report from the Balochistan police. The bombing took place near a convoy carrying Abdul Ghafoor Haideri as it left a mosque in Mastung, some 90 km from Quetta.
On their first day of trading in NY in March, Snap shares closed 44% higher at $24.48, valuing the company at $28bn.
Snap could derive solace that it could beat the competition to reach whatever growth it could unlike Facebook or Twitter that did not have the kind of competition that Snap has now. Moreover, co-founders of Snapchat Evan Spiegel and Bobby Murphy each lost more than $1 billion due to share dip.
Snapchat has seen increased competition in the past 12 months, with Facebook and Instagram both adding Stories a feature nearly identical to Snapchats own of the same name.
Analysts say Snap will have to keep doing what it did today on the eve of is conference: introducing new features that make the platform attractive to its user base, so it continues to grow. As of March, the company said it had about 161 million daily users.
Tribune Media Company (NYSE:TRCO) Shares on the Go mid-Session
The 52 week high Tribune Media Company's shares have peaked at is 43.04 whilst the 52 week low for the company's shares is 27.75. Finally, Zacks Investment Research cut Tribune Media from a hold rating to a sell rating in a report on Saturday, January 28th.
In recent months, Facebook has launched Facebook Stories, a near-identical clone of Snapchat's most popular feature, also called Stories.
Many companies that just reported disappointing numbers might seek to soften the blow on their earnings calls by delivering more insight into how the numbers will improve in the future. That Facebook is going after Snapchat is not news, but the battle has now become somewhat ugly. The stock dropped almost 20 percent in response to the company's first quarterly report following their IPO. "But I do think at this point, we're pretty much ahead in terms of the technology that we're building".
Facebook's Instagram has been beefing up its camera features, making its app more like Snapchat.
Ransomware: Wave of cyberattacks sweeps the globe
NHS Digital said in a statement: "The investigation is at an early stage but we believe the malware variant is Wanna Decryptor". The Shadow Brokers released Eternal Blue as part of a trove of hacking tools that they said belonged to the USA spy agency.