Snapchat lost 3 million daily users in the past three months

Though Snap has been hard at work adding new features like group video chats and "Harry Potter" Bitmojis, things haven't so rosy at the company as of late. User growth slowed down last quarter, Instagram continues to eat its lunch, and Snap's Spec tacles division chief recently left due to recent restructuring efforts. Which doesn't sound too good, especially since the company just came out with the new, smaller Spectacles 2. And today, there's even more bad news. According to the Snap's second quarter earnings report, the number of daily active users have dropped from 191 million in the first quarter of the year, to 188 million. That's a drop of 2 percent, or 3 million users, since the last quarter, and marks the first time that user count has dropped in the company's corporate history.

Yet, things are not all bad. That 188 million daily active user number is 8 percent higher than this time last year, and overall revenue has increased to $262 million this quarter. That's a 44 percent year-over-year increase and a 11.9 percent increase from last quarter. Snap is still operating at a net loss of $353 million, but it has decreased by 20 percent since this time last year.

The earnings report didn't have any sales figures for its latest Spectacles hardware, so it's unclear how that has impacted the company as a whole. Snap did reveal that 11 of its Shows now have a monthly audience of over 10 million users, which is up from the 7 million in last quarter.

Developing...

Source: Snap



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