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MarketWatch First Take: Snap is struggling in one area where it needs to succeed

Snap Inc.’s user numbers were not as bad as expected in Tuesday’s earnings report, but the Snapchat parent company is suddenly struggling in the one area in which it must succeed.

Snap SNAP, +3.99% reported narrower-than-expected losses in the first quarter, and 4 million new users from the end of the year, 2 million more than Wall Street had been expecting. But Snap also reported that a closely watched number — average revenue per user, or ARPU — declined sequentially across all geographic regions, to $1.68 per user, down from $2.01 in the fourth quarter. Snap already has the lowest ARPU among publicly held social-media companies, as CNBC pointed out last month.

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