Prince Alwaleed acquires 2.3% stake in Snapchat


That's despite a drop in active users-a first for the company.

Daily Snapchat users fell to 188 million in the second quarter from 191 million in the prior quarter.

Snap disclosed Tuesday that the app lost 3 million of its daily active users due in large part to its controversial redesign. Critics in the past have anxious about Snap keeping user engagement up, keeping the users coming back and keeping them using the application, which is declining in some areas while growing in others, leading investors to boost the stock up in after hours trading although it has since levelled back to around the closing price.

Snap has been redesigning its app to encourage users to interact with more of its ad-supported videos.

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He said the company believes it has addressed users' biggest frustrations.

On Tuesday, Prince Alwaleed bin Talal also said he's acquired a 2.3% stake in Snapchat.

His investment comes about three years after he met Snap chief executive Evan Spiegel and chief strategy officer Imran Khan, when the two executives visited Saudi capital Riyadh.

A Snapchat redesign in February aimed at encouraging users to watch more videos prompted user protests after they found it more hard to find the content they wanted.

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Its global revenue was $262 million in the second quarter, beating the Thomson Reuters I/B/E/S estimate of $250.43 million, as average revenue per user surged to $1.40 from $1.05 a year ago.

Investors, it seems, are unsure what to make of Snap's mixed results.

Tuesday also brought the surprise news of a $250 million investment in Snap by the Saudi Prince Alwaleed bin Talal.

Earnings from Facebook and Twitter Inc in recent weeks spooked social media investors by showing issues around data privacy, abusive content and phony accounts were weighing on user growth. This translates to a net loss of $0.14 per share, compared to net losses of $0.16 per share in Q2 of 2017.

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Snapchat's massively unpopular redesign continues to hurt the company. But within three months they were back at the $17 IPO price. The redesign meant to put more of the public content front and centre sparked user backlash earlier this year.