Aegis Capital Corp analyst Victor Anthony released his quarterly update on the performance of some of the most popular mobile apps. Aegis uses metrics such as downloads, monthly active users (MAUs) and daily active users (DAUs) to gauge which apps are gaining and losing momentum among users.

According to Anthony, newly-public Snap Inc SNAP 1.69% was one of the big losers. Aegis reports Snapchat’s DAUs on iOS devices are down so far in March compared to January and February.

“We maintain our view that while ad dollars should flow to Snap at a healthy pace in the coming quarters as advertisers continue to experiment with the App, if Snap is unable to re-accelerate its user growth, advertisers will likely seek out alternative platforms where growth remains robust, such as Instagram,” Anthony explains.

Snap was at the top of Aegis’ list of negative standouts in Q1, along with eBay Inc EBAY 0.36% and Pandora Media Inc P 2.86%.

On the other side of the equation, Anthony mentions…

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