Snapchat loses three million users in three months
The social media app reported improving finances in its latest results but its user base is shrinking
Snapchat lost three million users in the last three months, its latest financial results have revealed.
The photo and video sharing app reported daily active users for the last quarter of 188 million, down from 191 million in the first quarter of the year.
However, there was positive news elsewhere in the results as parent company Snap Inc reported revenue of $262.2m, up 44pc on this time last year and above analyst expectations.
The social media giant also revealed its net loss had fallen by 20% on the same period last year, down to $353.3m from $443m.
The platform has been under pressure from Facebook’s line-up of apps, which have aggressively competed with Snapchat for millennial social media users in recent years.
Rival image and video app Instagram introduced Stories – its own version of Snapchat’s Story feature – two years ago, and it has since grown to have a larger user base than the whole of Snapchat.
Snapchat’s major redesign, first introduced towards the end of 2017, was also met with criticism by many users – including high-profile users such as Kylie Jenner – eventually forcing a further redesign.
Since then, the company has also launched a second-generation pair of its Spectacles, camera-enabled sunglasses that can upload content directly to Snapchat, in an attempt to diversify beyond software.