Snapchat gains 11m users worldwide
Snapchat’s global user base continues to grow, with 11 million new daily active users joining in the last three months, bringing the app’s total to 443 million, an increase of 9%.
However, its user count in the U.S. market has stagnated at 100 million annually.
Snap, Snapchat’s parent company, has struggled to convert its growing user base into profits.
Revenue for the third quarter rose by 15% year-over-year to $1.37 billion, slightly surpassing analyst expectations but the company still posted a loss of $153 million—a 58% improvement from a $368.3 million loss in the same period last year.
Snap’s revenue mainly comes from advertising on the Snapchat platform.
For the upcoming quarter, including the Christmas season, Snap forecasts revenue between $1.51 billion and $1.56 billion, aligning with analysts’ higher estimates.
Following the announcement of a $500 million share buyback, Snap’s stock rose by about 7% in after-hours trading.
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