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3 things we learned about SnapchatSnap just posted a big loss. So, what happened?
Snap just posted a staggering $2.2 billion loss in its first earnings report. Here are three things we learned about Snapchat's parent company. Snapchat versus Facebook is like dog versus cat. Although the app was the first to have those puppy dog ears, Facebook has been copycatting a lot of Snapchat's features ever since. Just take a look at Instagram Stories, Facebook Stories, and the Facebook Camera with all those face filters. The imitation game is hurting Snapchat. While daily active users total 166 million, Instagram Stories, which was released in August last year. Skyrocketed to 200 million. One investor on the call asked the CEO if he was scared of Facebook. Spiegel laughed it off and said quote, at the end of the day, just because Yahoo has a search box it doesn't mean they're Google. Way to throw some shade! Speaking of shades though, Spectacles are not so spectacular for the company's bottom line Last sold $12.5 Million worth of the sunglasses with a camera for the two quarters. If you do the math that is only 96,000 given the [UNKNOWN] $130 each. Despite all the hype and long line [UNKNOWN] vending machine. And [UNKNOWN] retail prices in Ebay Snap [UNKNOWN] couldn't sell that many units and we found out that snapchat is sent three billion snaps every day. But only five million snaps overall have been posted from [UNKNOWN] so that's less then 0.1% In it's initial SCC filing, the company said developing android will be priority [UNKNOWN] IOS. But most of the worlds phone around android. [UNKNOWN] knowledge that it had it's tough time with the operating system. And it quote [UNKNOWN] up in the number The company's working on an improved Android experience. Now bear in mind that this was Snap's first earning report so it's still early days for the company. But as for that share price, well let's just say investors weren't rushing to snap up anymore.