Categories: Enterteiment

Snapchat Posts Strong Third Quarter Performance…But It’s Not Enough

Spread the love

© Presse-citron

It's now Snapchat's turn to reveal its quarterly results for the period from June to September. While the social network is recording a nice increase in its revenues, its gap with the competition continues to grow.

Performance attributed to AI and paying subscribers

Thus, the ghost platform saw its turnover climb by 15%compared to the same period last year, reaching $1.37 billion. Its daily users also increased to 443 million, compared to the 441 million expected by analysts.

« I am proud of the progress the team has made this quarter, which has delivered strong community growth and deepened engagement while driving improved financial performance. “Our investments in AI and AR are fueling new creative experiences for our community and driving innovation across our advertising platform, supporting our long-term growth opportunity,” said Snapchat CEO Evan Spiegel.

He cited in particular the testing of a new video generation feature, which allows content to be created from a simple text query. ” Our efforts contributed to the number of creators publishing content increasing by approximately 50% compared to the previous year in the third quarter ,” assures Spiegel.

The paid subscription Snapchat+ is also a success. Available at 4.49 euros per month, it offers additional features to its members. Their number has doubled compared to last year, now reaching 12 million and generating 123 million dollars in additional revenue.

200% Deposit Bonus up to €3,000 180% First Deposit Bonus up to $20,000

© Presse-citron/Unsplash/Nicholas Cappello/George Pagan III/Snap Inc.

More losses

Despite an encouraging result, not everything is rosy for the social network. Although it has overhauled its advertising activity in recent years, it continues to post significant losses. In the third quarter, they were $153 million. Although this is still better than the 368 million estimated in 2023, it is still not enough.

Because the gap with its main competitors continues to widen. Snapchat’s user base is tiny compared to those of TikTok (1 billion) and Meta (3.3 billion). As a result, the company’s share price has fallen by 35% over the year, reflecting investors’ growing fears about its ability to truly compete with the two behemoths.

Another downside is that Snapchat’s forecast for the current quarter is less encouraging. It expects an increase of 8 million users, compared to an additional 11 million in the third fiscal year. Its turnover should be between 1.51 billion and 1.56 billion dollars.

  • In the third quarter, Snapchat saw its revenue increase by 15%.
  • CEO Evan Spiegel attributes this result to investments in AI and augmented reality.
  • However, the performance gap between Snapchat and TikTok and Meta continues to widen drastically.

📍 To never miss any Presse-citron news, follow us on Google News and WhatsApp.

37.1M reviews

[ ]

Teilor Stone

Teilor Stone has been a reporter on the news desk since 2013. Before that she wrote about young adolescence and family dynamics for Styles and was the legal affairs correspondent for the Metro desk. Before joining Thesaxon , Teilor Stone worked as a staff writer at the Village Voice and a freelancer for Newsday, The Wall Street Journal, GQ and Mirabella. To get in touch, contact me through my teilor@nizhtimes.com 1-800-268-7116

Recent Posts

UK: Heavy tax hikes in Labour budget a godsend for opposition

Tax increases assumed, of 40 billion pounds (48 billion euros), against investments in public services…

3 mins ago

Biden, who has become a burden on Harris' campaign

Photo: Ting Shen Agence France-Presse Kamala Harris is now keeping Joe Biden as far away…

1 hour ago

Five-meter waves hit Taiwan ahead of typhoon 'Kong-rey'

Photo: Johnson Lai Associated Press A fisherman secures his boat at the fishing port of…

1 hour ago

Masters 1000 Paris-Bercy: the French celebrate and demonstrate! Results and program

The The Paris-Bercy tournament has started Saturday October 26th and ends on Sunday November 3rd…

1 hour ago

Bugs, blue screens and blocked apps: Windows 11 version 24H2 accumulates problems

© Microsoft Windows 11 version 24H2 is consistently failing, which is starting to get annoying.…

1 hour ago

Apple launches its MacBook Pro M4 and presents its new super-powerful chips

© Apple A promise is a promise. After unveiling the iMac M4 and then the…

1 hour ago