Snap Revenue Beats on Mobile-Ad Demand; Alwaleed Takes Stake
- Saudi billionaire invests $250 million in social-media app
- Daily users decline, still reeling from unpopular redesign
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Snap Inc.’s second-quarter revenue topped analyst projections, signaling a pickup in demand for mobile advertising even as a controversial redesign of the Snapchat mobile app continued to hinder user growth.
Separately, Saudi billionaire Prince Alwaleed Bin Talal said he invested $250 million for a 2.3 percent stake in the social-media company. Snap shares jumped as much as 14 percent following the announcements.