Posted on August 8, 2018 by staff

Snapchat loses three million users


Snapchat’s parent company lost three million active daily users in the second quarter of the year despite growing revenue.

The company ended the quarter with an average of 188m daily active users compared to 191 million at the end of the previous quarter.

However it posted stronger-than-expected financial results, with $262.3m revenue up 44 per cent from the $182m in the same quarter last year. Net loss was $353m compared with $443m in Q2 2017.

CEO and co-founder Evan Spiegel blamed the “disruption caused by our redesign” for the decline in users.

“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 people,” he said.

“We’re working hard to expand the long tail of our content offering, and we are making steady progress on improving personalisation.

“Despite our DAU [daily active user] results this quarter, we believe that this is an important evolution of our product that will help drive future growth engagement.”

The three-month period saw Snap introduce Group Video Chat, the Snap Kit for developers, motion-controlled Snappables lenses and update its augmented reality Spectacles with HD video and faster transfers.