Snap revenue takes a hit in Q1 2018, down from $286M in Q4 2017 to $231M last quarter
CEO Evan Spiegel says the company sees early signs of stabilization following its Q1 2018 redesign.
Snap Inc. released its quarterly earnings for Q1 2018, reporting $230.7 million in total revenue for the first quarter of the year.
Year over year, Snap’s total revenue saw a 54 percent jump — but revenue was down compared to the previous quarter, when it reported $286 million in Q4 2017.
CEO Evan Spiegel attributes the loss in revenue to the company’s decision to roll out a major redesign of the app this quarter — separating user content from creator content.
“As we have mentioned on our past two earnings calls, a change this big to existing behavior comes with some disruption, especially given the high frequency of daily engagement of our community,” says Spiegel.
The CEO says the company is starting to see early signs of stabilization for its iOS users since the redesign, but the platform still has work to do for Android users.