Snapchat subs stable, revenues rise
February 6, 2019
Snapchat, the social media sharing app, has seen user numbers stabilise after two consecutive quarters of decline.
Parent company Snap said the platform had 186 million daily active users in the three months to December 31st. The number is unchanged from the previous quarter but analysts had expected users to fall.
Q4 revenue rose by 36 per cent to $389.8 million and pre-tax losses narrowed to $191.7 million from $350 million in the comparable period. However, its shares are far below the $17 offer price when it floated on the NYSE in March 2017.
For the full year, Snap’s revenue rose by 43 per cent to $1.1 billion – just below pre-tax losses of $1.2 billion which fell from $3.4 billion in the previous period.
CEO Evan Spiegel commented: “We are proud of the progress we have made as we enter 2019 focused on growing our business and driving towards profitability.”