May 1 (Reuters) - Snap Inc’s user and revenue growth fell short of analysts’ expectations for the first quarter after a widely-panned redesign of its Snapchat messaging app.
The app’s number of daily active users, crucial for generating advertising revenue, rose to 191 million in the quarter ended March 31 but fell short of consensus expectations of 194.15 million, according to Thomson Reuters I/B/E/S.
The figure was up 15 percent from a year earlier, compared to growth of 18 percent in the previous quarter.
Snap said average revenue per user rose 34 percent from a year earlier to $1.21, while analysts were expecting $1.25.
Total revenue rose 54.1 percent from the same period a year earlier to reach $230.7 million in what was Snap’s fifth quarterly earnings as a public company. Analysts on average had expected revenue of $244.5 million.
The Venice, California-based firm posted a net loss of $385.8 million, or 30 cents per share, compared with $2.21 billion, or $2.31 per share, a year earlier.
User growth at the company’s disappearing-message app have repeatedly fallen short of Wall Street’s expectations since its heavily-hyped IPO in March last year. (Reporting by Munsif Vengattil in Bengaluru; editing by Patrick Graham)