Snap Inc. has released its quarterly earnings for Q1 2018, reporting $230.7 million in total revenue for the first quarter of the year.
Snap’s total revenue has seen a 54 percent jump year over year, although revenue was down compared the previous quarter, when it reported $286 million in Q4 2017.
Evan Spiegal, Snap’s CEO, has attributed the loss in revenue to the company’s decision to roll out a major redesign of the app this quarter, which separated 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.
According to the CEO, 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.