ENTERTAINMENT

Snapchat Gains 11m New Users Globally

With 11 million additional daily active users joining in the last three months, Snapchat’s global user base has grown by 9% to 443 million.

However, its user count in the U.S. market has stagnated at 100 million annually.

Snap, Snapchat’s parent company, has struggled to convert its growing user base into profits.

Revenue for the third quarter rose by 15% year-over-year to $1.37 billion, slightly surpassing analyst expectations, but the company still posted a loss of $153 million—a 58% improvement from a $368.3 million loss in the same period last year.

Sponsored

Snap’s revenue mainly comes from advertising on the Snapchat platform.

For the upcoming quarter, including the Christmas season, Snap forecasts revenue between $1.51 billion and $1.56 billion, aligning with analysts’ higher estimates.

Following the announcement of a $500 million share buyback, Snap’s stock rose by about 7% in after-hours trading.

NAN
SPONSORED
Victor Alade

Recent Posts

Reps Step Down Motion Asking Tinubu To Rescind Decision To Rename Niger Delta Ministry

The House of Representatives has stepped down a motion asking President Bola Ahmed Tinubu to…

10 hours ago

Building Collapse Kills Ten In Oyo, Several Injured

Ten bodies have been recovered from the debris of a collapsed storey building at Jegede…

11 hours ago

Immigration Plans Digital Passport Renewal For Nigerians Abroad

The Nigeria Immigration Service has announced the launch of a phased, contactless passport renewal system…

11 hours ago

Suspected Kidnappers Kill Zenith Bank Staff, Two Other In Abia (Video)

At least three persons were on Tuesday shot dead in Umuahia, Abia State capital by…

11 hours ago

“Workers Wretched Now Despite Salary Increment” – Oshiomhole

Comrade Adams Oshiomhole has fault Nigeria's wage exploitation and cautioned that low pay negatively impacts…

11 hours ago

US Ambassador Visits Israel To Settle Disputes In Lebanon

On Thursday, top US officials were scheduled to meet with their Israeli counterparts to discuss…

12 hours ago