Snap sees $368 mn net loss as Snapchat reaches 406 mn daily active users

New Delhi, Oct 25 : Snap, the parent company of Snapchat, posted a net loss of $368 million for the quarter ended September 30, which is slightly better than the year-ago period but the company is still growing through slow growth.

Jerry Hunter, who was named the chief operating officer just over a year ago, is retiring and not being replaced, the company said late on Tuesday.

Snap reported a total revenue of nearly $1.2 billion, an increase of 5 per cent from the same period last year.

The daily active users of Snapchat increased 12 per cent year-over-year to reach 406 million.

“We are focused on improving our advertising platform to drive higher return on investment for our advertising partners, and we have evolved our go-to-market efforts to better serve our partners and drive customer success,” said Snap CEO Evan Spiegel.

COO Hunter joined Snap seven years ago and served an important role in building the company’s engineering and business structures.

He will continue to support Snap through July 1, 2024 to help ensure the transition.

“I am deeply grateful to Jerry for the meaningful contributions he has made over his many years at Snap,” said Spiegel.

“His work to improve our advertising platform, serve our community, and build a strong team has helped lay the foundation for our future growth.”

According to Snap, since launching ‘My AI’, our AI-powered chatbot, over 200 million people have sent over 20 billion messages.

“We are seeing more creators posting content to Snapchat, with nearly three times more public Stories posted in the US compared to Q3 2022.We are focused on accelerating and diversifying our revenue growth,” said the company.

The company anticipates that Snapchats daily active users will reach 410-412 million in the December quarter.

na/dpb