Snapchat lost 3 million daily users in the past three months
Welcome back, fast money, snap reversing now falling after hours. Let's head back to Julia in Los Angeles. So tell us what's it? Got the stock moving all around Julia. What's going on here? Well, snap reported earnings and revenue that beat expectations and Prince Alwaleed announced on Twitter that he invested tuner and fifty million dollars to acquire two point, three percents stake in Snapchat. He tweeted this video of himself and CEO, Evan Spiegel, but snaps while snaps top and bottom line beat, I set the stock soaring that was despite the fact that the company reported daily active users that fell from the prior quarter and disappointed expectations, and the stock moved into negative the negative and gave up its gains during the earnings call. Now, in addition to reporting those daily user numbers that declined from the prior quarter, the company also gave revenue guidance that was lower than analysts expectations and on the call. The company warned that it won't give daily user guidance for the third quarter and warned that third. Order growth rates generally trend down for users. Now, Evan Spiegel saying that monthly users are at their highest level ever with one hundred million and the US and Canada alone. While daily users, he says, suffered from the company's redesign. We saw a two percent decline in our daily active users. This was primarily driven by a slightly lower frequency of use someone. Our user base due to the disruption caused by redesign. It's been approximately six months since we broadly rolled out the redesign of our application. And we've been working hard to rate and improve snapshot based on the feedback from our community analysts. Michael Packer telling us it Spiegel's comments imply the daily active users could be down again in the third quarter saying that the company was consistently evasive when asked questions on the reasons why the user numbers could continue decline. Pector also noted that stock grants were disclosed today that represents two hundred million additional shares so that Wedbush will have to adjust their valuation to account for them. They expanded shared count. Now, one point, four, eight billion instead of one point, two, seven billion saying that might be spooking some Scott back over to you or Juliette. Thank you so much divorce in Los Angeles how you wanna guys want to trade this, Facebook, Instagram? Yep, exactly. They disruption came from Instagram stories. I mean, that's what happened with. This company was going around and they were prepping the street for this. They were getting numbers lower the past month month and a half. So I think they prepped for this to try to get it down and beat on the red side. And they just pre-announced again, numbers gonna be worse. Next water stay away from see. I look at it and say the sucks percent, whatever sucks on percent and half last four quarters stocks move twenty two percent of downside and move fifty percent to the upside. It's advertised moves. It's really not moving right now. So what does that mean? If this goes green tomorrow? I don't think you get in the way of it. I mean, I think the quarter was decent guidance was not great, but if this can somehow go from negative the positive during the day tomorrow on big volume, I think this sets up for what you saw with Twitter from that move from fifteen and a half to the levels that we saw over the last few nice time to drop like some ears and a big tongue on you and why. User of the product. It's not my John then change on the Saudi stock, not see. That's so I should be consistent. I mean, if he's making an investment there, I said they, I said, the tesla investment, the Saudi investment for tesla was the same thing as the fed and the s&p. I'll say the same thing here for snap. Maybe they haven't embedded put now as well. Okay. From one new media company to another Roku also sets report after the bell tomorrow, and the options market is implying some big moves on those results. Let's go to our very own Dan. Nathan who's out in San Francisco with more on that, hey, Dan, hey, Scotty, how are you? Yeah, the options market is implying about a fifteen percent move in either direction for Roku. The company has reported three quarters since going public last year and averaged it's moved about twenty five percent, but call volume was running pretty hot today..