Wednesday, April 24, 2019

Snap Sees Active User Increase, But Still Seeing Steep Losses

Santa Monica-based Snap Inc., the parent firm of Snapchat, reported its quarterly results on Tuesday afternoon, saying that its daily active users (DAU) increased by 2 percent quarter-to-quarter, to 190 million. However, Snap continues to post steep losses, saying it had a net loss of $310M in Q1 of 2019, on revenues of $320M. Its Q1 revenues were up 39 percent compared to last year. Among other highlights of the quarterly results, Snap said that its recent update of its Android application--which it says is 25 percent smaller and opens 20 percent faster--resulted in a 6 percent increase in number of users sending "Snaps" on lower-performing devices.

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