Snapchat lost 3 million daily users in the past three months

Snap will report quarterly results today Facebook and Twitter’s debacles cast a shadow

Saudi Arabia's Prince Alwaleed bin Talal announced soon after the results that he had finalized a $250 million deal in May to buy a 2.3 percent stake. That 188 million daily active user number is 8 percent higher than this time a year ago, and CFO Tim Stone said that monthly active users are now up to 100 million in U.S. and Canada. And while those on the Street were expecting the company to report a loss of 17 cents a share, Snap reported a loss of 14 cents a share, again bettering Wall Street estimates.

Despite the fall in the number of users, the firm said revenues were up and its losses had declined in its second quarter.

Shares in Snap climbed more than 12 percent in after-hours trading before reversing course.

Spiegel said Snapchat's drop in daily users "was primarily driven by a slightly lower frequency of use among our user base due to the disruption caused by our redesign".

Snap has been working to convince big advertisers to spend more of their budgets on Snapchat ads and reach the app's base of mainly 18-34-year-old users, and it beat analyst revenue forecasts as it drew in more worldwide and small business advertisers. Snap declined to estimate user growth for next quarter, but noted that third-quarter earnings have historically "trended down" for the company.

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Analysts had expected net losses of $0.17 per share in revenue of $251.19 million. CNN reports that this is the first time Snapchat's user count has dropped since Snap Inc went public.

Snap's user growth has pulled back sharply over the past two years.

Snap Inc CEO Evan Spiegel said on a call with investors, "It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from our community".

Tuesday also brought the surprise news of a $250 million investment in Snap by the Saudi Prince Alwaleed bin Talal.

Snap said ending leases in Venice, California, to consolidate offices a few miles north in Santa Monica cost it $3.9 million in the second quarter and would result in total expenses of $25 million to $45 million in 2018, mostly in the current quarter.

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