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Snap Chief Executive Evan Spiegel said Thursday the company’s photo messaging app Snapchat now has 750 million monthly active users, while speaking during an investor presentation.
Last month, Snapchat reported dismal quarterly earnings, revealing that current quarter revenue could decline by as much as 10 percent, as the social platform struggles with weak advertising demand.
The owner of photo messaging app Snapchat was the first of the major digital advertising platforms to report fourth-quarter results, which provides an early clue for platforms like Facebook owner Meta Platforms and Alphabet’s Google.
In a letter to investors, Snap said a weakening economy, increased competition from other social media platforms and “platform policy changes” continued to hurt its business in the fourth quarter.
Apple began rolling out privacy changes on iPhones in 2021 that have limited advertisers’ ability to collect data for targeted advertising.
Snap Chief Executive Evan Spiegel said during a conference call with analysts that the company is working to improve its ability to measure and boost the effectiveness of its ads, but it would take time for the investments to translate into higher revenue.
Snap’s net loss was $288 million (roughly Rs. 2,350 crores) during the quarter, down from net income of $23 million (roughly Rs. 190 crores) the previous year. Revenue for the fourth quarter that ended December 31 was $1.3 billion (roughly Rs. 1,06,000 crore), flat from the prior-year quarter and in line with analyst expectations.
© Thomson Reuters 2023