(Corrects paragraph 4 to say JP Morgan expected DAUs of 166
million, not 169 million)
May 10 Snap Inc, the parent of popular
disappearing-messaging app Snapchat, reported a 36.1 percent
increase in daily user growth in the company's first quarterly
results after its red-hot IPO, amid stiff competition from
Snap said on Wednesday its daily active users (DAUs) rose to
166 million in the first quarter ended March 31, from 122
million a year earlier.
The company had 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.
J.P. Morgan expected Snap's first-quarter DAUs to grow to
166 million, while Monness, Crespi, Hardt & Co Inc pegged it at
Facebook, which once made a $3 billion bid for Snapchat, has
upped the ante by making the camera a central piece of its apps
and offering features similar to Snap on its platforms,
including Instagram and WhatsApp.
The company recently said Instagram Stories alone had
reached 200 million daily active users.
Snap said revenue rose jumped nearly four-fold to $149.6
million, helped by advertising sales.
The company's net loss widened to $2.21 billion, or $2.31
per share, in the first quarter, from $104.6 million, or 14
cents per share, due to stock-based compensation around the IPO.
Snapchat launched in 2012 as a mobile app that allows users
to send photos that vanish within seconds.
The company rebranded as Snap Inc last year, and its $3.4
billion public listing in March was the hottest technology
offering in three years.
(Reporting by Anya George Tharakan in Bengaluru; Editing by