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Snap misses on revenue but attracts more daily users – Source CNET Tech


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Snapchat roped in new users during the last three months of 2019 but didn’t rake in as many ad dollars as expected, a sign that the ephemeral messaging app is still struggling to keep up with rivals such as Facebook-owned Instagram and TikTok. Snap, the parent company of Snapchat, said Tuesday that 218 million people logged into the app daily during the fourth quarter, up 17% from the same period last year.  

But the company posted revenue of $561 million, falling short of expectations of $563 million. Snap also reported a net loss of $241 million. In the fourth quarter, which ended Dec. 31, Snap lost 17 cents per share, which was worse than the loss of 11 cents per share projected by analysts surveyed by…

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Source CNET Tech

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