Snap’s hotly contested redesign had a material negative impact on revenue, the company said in its Q1 earnings report.
Revenues for the quarter were up 54% year-over-year to roughly $231 million, but sequentially were down 19% “primarily due to seasonality and our redesign,” the company said in its earnings release.
Daily active users were up 15% year-over-year, from 161 million to 191 million, but just 2% since last quarter, when that number was 187 million.
Average revenue per user also took a hit, up 31% year-over-year to $1.21, but down 21% since last quarter.
Snap’s stock was down 15% in after-hours trading.
Snap’s redesign, released in February, has suffered an unusually harsh backlash from users. Celebrities like Kylie Jenner have publicly tweeted about disliking the redesign, causing Snap’s stock to plummet 6.1% in a single day.
More to come.
This post was syndicated from Ad Exchanger.