Snap founders won’t sell shares despite plummeting price

Tech Crunch

Snap has an awful Q2 earnings report …but at least its dancing AR hot dog was viewed 1.5 billion times. To prove their confidence, co-founders Evan Spiegel and Bobby Murphy have agreed not to sell any shares this year, and the company will withhold shares they’re owed to pay for any necessary taxes. Of course, there’s only five months left in the year, so this isn’t exactly a long-term lock-in.

One concrete metric announced was that Snap generated $5.4 million in “Other” revenue, which would equate to around 41,500 pairs of its Spectacles camera sunglasses at a $130 price point. That’s compared to $8.3 million in Q1 and $4.5 million in Q4.

Snap glossed over its shortcomings in user count and revenue to focus on several vanity metrics during its earnings call:

  • The average user creates 20 Snaps per day.
  • The dancing hot dog that Spiegel called the world’s “first augmented reality superstar” was viewed over 1.5 billion times on Snapchat, plus tons more as it was made into viral memes shared around the web.
  • Publisher Story views are up 30% quarter-over-quarter.
  • Snap doubled the number of original “Shows” that premiered on its platfrom in Q2 vs Q1, with some getting over 10 million views per episode.
  • 250 million Snaps are saved to Memories each day.
  • Since launching its Snap Map that shows what other people are doing around the world, submissions to Our Story have increased 30%.

For more details on Snap’s tough quarter, check out our full Q2 earnings coverage including its new user count , and read our list of 8 ways to fix Snapchat .

Featured Image: David Paul Morris/Bloomberg/Getty Images

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