November 7, 2017 / 9:24 PM / 4 months ago

Snap reports lower-than-expected daily active users in Q3

Nov 7 (Reuters) - Snapchat-owner Snap Inc on Tuesday reported lower-than-expected daily active users for the third quarter, amid stiff competition from Facebook Inc’s photo-sharing application Instagram.

Snapchat’s daily active users rose to 178 million in the third quarter ended Sept. 30, from 173 million in the second quarter.

Analysts on average had expected 181.8 million users, according to financial data and analytics firm FactSet.

Snap, in its third earnings report since the company went public in March with a $3.4 billion valuation, posted a net loss of $443.2 million, or 36 cents per share, compared with a loss of $124.2 million, or 15 cents per share, a year earlier.

Revenue rose to $207.9 million from $128.2 million. (Reporting by Pushkala Aripaka and Laharee Chatterjee in Bengaluru; Editing by Savio D‘Souza)

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