The Snap company’s stock fell by more than 16 percent on the secondary market on Thursday.
In autumn 2021, the company’s share price was at its highest: $83.34. Illustration picture. AOP
The number of users of the social media service Snapchat is increasing, but the company continues to lose money. On Thursday, the Snap company’s stock fell more than 16 percent to $10.73 in the secondary market. The matter was reported by AFP.
The company said its loss narrowed to $249 million in the recently ended quarter from $377 million a year earlier. Instead, the turnover increased to 1.2 billion dollars from 1 billion dollars.
The company emphasized that the number of monthly users of the application increased to 850 million users.
– We continued to expand our advertising platform. The number of active advertisers more than doubled in a year, CEO Evan Spiegel said in the release.
According to Snap’s forecast, revenue is expected to grow by 12-16 percent in the current quarter. In recent years, the company has competed for advertising revenue against Instagram, YouTube and Tiktok.
In addition, Snap announced that there are now 11 million Snapchat+ subscribers. Snapchat+ was launched in 2022. With the subscription, the user gets access to more than 40 additional features. At the end of 2023, there were seven million subscribers. The service currently costs 4.49 euros per month.
In 2023, Snapchat became able to chat with artificial intelligence. At the time, Spiegel explained that we could also talk to artificial intelligence on a daily basis.
#Snapchat #dive
