Snapchat reveals rise in users and revenue
Snapchat has added another seven million daily active users in the last three months, while losses narrowed, the photo sharing app has revealed in its latest results.
The platform’s parent company Snap said it attracted 210 million daily active users in its latest quarter, up 13% year-over-year.
More Snapchat users who are going to the Discover tab and an increase in the number of Lenses created by people helped drive the the firm’s results.
Revenue for Snap reached $446.2 million (£346 million) in the three months to the end of September, an increase on the $388 million (£300.9 million) from the previous quarter.
The company continued to operate at a net loss but edged a step closer to profitability, with losses reducing to $227.3 million dollars (£176.5 million) during this period, compared to $255.2 million dollars (£198.1 million) in the three months before.
Snapchat has recently added a number of new features as it takes on the likes of Instagram, including a 3D camera mode and a third generation of its camera-enabled Spectacles.
Chief executive Evan Spiegel said: “We delivered strong results this quarter, and we are pleased that the investments we have made are continuing to drive the growth of our community and our business.
“We are a high growth business, with strong operating leverage, a clear path to profitability, a distinct vision for the future, and the ability to invest over the long term.
“We are excited about executing on the many opportunities in front of us.”