Snapchat Records Revenue Growth with Increasing User Base

Snapchat recently unveiled its financial results for the third quarter of 2023, highlighting significant efforts to enhance its advertising platform.

The company reported revenues of $1.19 billion for this quarter, marking a 5% increase. However, it also registered a net loss of $368 million.

The number of daily Snapchat users surged to nine million this quarter, contributing to a 12% rise in the total number of daily active users, reaching 406 million compared to the previous year.

Evan Spiegel, the company's CEO, celebrated this success and emphasized their commitment to improving their advertising platform to deliver higher returns for their advertising partners.

The company anticipates fourth-quarter revenues to range between $1.32 billion and $1.375 billion, indicating revenue growth approaching 6%. They partially attributed the downturn in advertising in the Middle East during the last quarter to ongoing regional events.

During the third quarter, Snapchat implemented over 17 significant enhancements in machine learning classification and performance, improving its applications and dynamic product advertising platforms.

The subscription service "+Snapchat," priced at $4 per month, exceeded five million subscribers this quarter, indicating substantial growth in non-advertising revenues.

Snapchat launched the My AI service in April 2023, allowing over 200 million users to send more than 20 billion messages via this artificial intelligence-powered chatbot. This achievement followed the company's decision to reduce its workforce by approximately 20% to trim costs amid slowing advertising revenues, signifying the success of these measures and the introduction of new benefits.

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