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Snap picked up a big backer in Saudi Arabia’s Prince Alwaleed bin Talal, who announced soon after the second-quarter results he had bought a 2.3 percent stake for $250 million in May. He said in a statement Snap had just begun to “scratch the surface of its true potential.”. Shares in Snap were flat in after-hours trading following volatility that saw them fall briefly before surging more than 12 percent. The company has shifted over the last year to primarily selling ads through self-service, automated auctions rather than direct sales. That has come at the cost of the premium feel Snap had tried to ascribe to its ads, but given overall sales a jolt by attracting more advertisers.

Snap has been able to boost sales volumes by competing with bigger services on price, Prices fell 9 percent in the second onyx gear shift cufflinks quarter compared with the previous quarter and 52 percent from a year ago, “It gives an incredible opportunity for advertisers to come and win on our platform,” Chief Strategy Officer Imran Khan told analysts on a webcast on Tuesday, With self-service ads, Snap has been able to grow revenue in regions such as Australia and the Middle East, where direct sales efforts are more limited and advertisers have few other options to market to its mainly 18-34-year-old users..

Snap also has been redesigning its app to encourage users to interact with more of its ad-supported videos. Its global revenue was $262 million in the second quarter, beating the Thomson Reuters I/B/E/S estimate of $250.43 million, as average revenue per user surged to $1.40 from $1.05 a year ago. Snap forecast third-quarter sales of $265 million to $290 million, up 27 percent to 39 percent from a year earlier, compared with 44 percent revenue growth in the second quarter. Daily Snapchat users fell to 188 million in the second quarter from 191 million in the prior quarter. Snap had never before logged a quarterly drop in daily users, according to data it has released going back to 2014.

Snap lost about 1 million users in each of its three geographic reporting regions: North America, Europe and rest of world, Analysts on average expected Snap to gain nearly 2 million users in the second quarter from the first, The company cautioned that usage tends onyx gear shift cufflinks to slow in the third quarter, but did not make a specific forecast, Earnings from Facebook and Twitter Inc in recent weeks spooked social media investors by showing issues around data privacy, abusive content and phony accounts were weighing on user growth, Both companies shed some 19 percent in market value after reporting..

But some analysts on Tuesday brushed off Snap’s user drop, saying that Snapchat always had more limited appeal than larger rivals. “It’s always going to be a niche platform, so the modest change isn’t very remarkable,” said Pivotal Research’s Brian Wieser. Snap executives told analysts that the redesign was the primary reason for usage slipping and that a European Union data protection law that spurred changes to user privacy terms had no material effect. Users on average continue to spend more than 30 minutes on Snapchat each day, executives said.

NEW YORK (Reuters) - Papa John’s International Inc (PZZA.O) on Tuesday posted a second-quarter comparable sales decline of 6.1 percent in North America and cut its forecast for the coming months, as a heated spat onyx gear shift cufflinks between the pizza chain and its founder dragged on profits, Papa John’s estimated its full-year comparable sales will slip between 7 and 10 percent and lowered profit expectations, citing fallout from the company’s acrimonious split with former Chairman John Schnatter..

Schnatter, the public face of the company and its largest shareholder, was ousted last month following reports that he had used a racial slur on a media training conference call. Negative publicity surrounding the incident depressed July traffic in North America, the company said in a statement, noting that it was hard to predict how long and how badly that would affect sales. Shares of Papa John’s closed down nearly 3 percent, and slumped an additional 10 percent after the bell. The stock has lost 48.2 percent of its value over the last 12 months.

The company said it now expected to earn $1.30 to $1.80 per share, down from its previous estimate of $2.40 to $2.60, In a statement following the chain’s results, Schnatter blasted Chief Executive Steve Ritchie for the company’s declining performance and vowed to continue to fight onyx gear shift cufflinks for the company he had founded, “Instead of addressing the real and fundamental issues ., the company is trying to deflect attention from the source of the problem — management’s ongoing failures with regard to financial performance – and blame me for its problems,” Schnatter said..

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