Snapchat lost 3 million users three months, revenue still up 44% YoY
Things aren’t smooth over at Snap, after the company recently announced its plans to discontinue Snapcash as of August 30. Snap announced its financial results for the second quarter of 2018 and, while revenue increased 44% to ($262 million) compared to Q2 2017, net loss decreased 20% to $(353) million compared to the same period of last year.
As far as the platform’s users are concerned, the number increased 8% (to 188 million) in Q2 2018, compared to 173 million in Q2 2017. However, it decreased 2% in Q2 2018, compared to 191 million in Q1 2018. According to reports, the loss of 3 million users can be explained by the not-so-warm welcome of its app redesign. Adding to this are reports claiming that problems with the Android application have contributed to users’ dissatisfaction.
“We are excited by the progress we have been making and are optimistic about the opportunities ahead as we continue to invest in innovation,” said Evan Spiegel, Snap CEO and Co-Founder. However, he added that “it has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from the community“.
You can find more details on the numbers by following the source link below.