In the second quarter of this year (April-June), Snap Inc., the parent company of Snapchat, saw a 9% increase in daily active users, surpassing 430 million. This represents an increase of approximately 3.5 million users compared to the same period last year, according to The Hollywood Reporter.
The company reported revenue of $1.24 billion for Q2 2024, up from $1.07 billion in the same quarter last year. However, Wall Street analysts noted that this growth was below their expectations, leading to a 22% drop in Snap’s share price. They attributed this decline to weaker-than-expected advertising revenue, as some advertising markets were not as robust. Despite this, Snap reduced its net loss for the quarter to around $250 million, down from over $370 million last year.
Snap also announced new records for Snapchat’s monthly active users, which now total 850 million. Additionally, the number of Snapchat+ subscribers has risen from 9 million to over 10 million during this quarter. Snap is using machine learning to better organize and personalize content on the app, which has led to users spending more time on Snapchat. Compared to the same period last year, users spent 25% more time viewing content on Snapchat from April to June, and 10% more than in the first quarter of this year. Users are also spending more time on features like Spotlight and Creator Stories.
Analysts expect Snapchat’s monthly active users to exceed 440 million in Q3 2024, with revenue projected to range from $1.335 billion to $1.37 billion.
To make the app more attractive, Snap is investing more in artificial intelligence (AI) tools and augmented reality (AR) effects. Their Scribble World feature was viewed 1 billion times last quarter.
Earlier, Snap stated that it aims to reach 1 billion users within the next two to three years. According to a report by Engadget, the majority of Snapchat’s audience is outside North America, with over 150 million monthly active users in North America. Snap CEO Evan Spiegel mentioned that the app reaches three-quarters of the 13-34 age group in over 20 countries.
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