Snapchat’s redesign cost it millions of users

Snap CEO Evan Spiegel hoped that a Snapchat redesign would invigorate the platform's advertisers and better cater ads to users. But in the months following its unveiling, 1.2 million users around the world signed a petition begging the company to reconsider. Snap followed through with its plans, and today, Snap confirmed that the redesign cost it to lose 2 percent of its daily active users — from 191 million to 188 million — in just a quarter.

Spiegel said during today's prepared earnings call remarks that it took users' feedback seriously. "We feel that we have now addressed the biggest frustrations we've heard and are eager to make more progress on the tremendous opportunity we now have to show more of the right content to the right...

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