After a depressing earnings and growth report in Q1, social media platform Snapchat posts even more bad news for Q2. The first quarter showed its slowest growth yet of only 4 million users, today the results of Q2 reveal the company lost 3 million of those users.
“”It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from our community.” – Snap Inc. CEO Evan Spiegel
Snap Inc. COO Imran Khan stated after the first quarter that they were expecting growth to “decelerate substantially from Q1 levels”. This is the first time the company has experienced a decline in users since its creation.
The reason for the loss is being attributed to the controversial redesign of the app which rolled out earlier this year, garnering plenty of negative feedback. After Kylie Jenner left the platform, the stock dropped and she likely took a lot of users with her.
Previously Snapchat has been in hot water for allowing an advertisement making light of domestic abuse aimed at Rihanna.
