Snapchat: Company reveals users increased by 8% in a year reaching 203 million

Helena Grech - 24th July 2019 

Snapchat’s revenue increased by a staggering 48% in the second quarter when compared with the same period in 2018, to $388m (€348m).

Popular social media application Snapchat announced a remarkably strong quarter on Tuesday, resulting in shares surging during after-hours trading. The company announced that Snapchat users increased by 8 per cent, making up 203 million users.

Its success has been put down to new augmented reality tools, an upgrade of its Android application and positive expansion into new markets, driving the company’s growth in the second quarter of 2019.

Evan Spiegel, Snapchat CEO said that the positive growth is a result of several “transitions” the company completed over the past 18 months. He spoke of his wish to capitalise on the momentum gained while also driving progress in many areas.

Snapchat’s revenue increased by a staggering 48 per cent in the second quarter when compared with the same period in 2018, to $388m (€348m).

Despite predictions that Snapchat would increase users by 2 million, the company surpassed all expectations with 13 million more users signing up, an increase of 8 per cent. For the second quarter of 2019, Snapchat posts increase to reach 3.5 billion each day.

Much of its success in attracting users is being attributed to its augmented reality feature while its ‘gender swap’ feature has driven user interaction, said Mr Spiegel.

Snapchat has secured a commendable turnaround after it lost $1 billion (€897 million) of its market value in 2018 as a result of a less-than-pleasantly received platform redesign, hitting a low of $4.99 (€4.48) per share on 21st December 2019.

Following Mr Spiegel’s remarks Snap Inc, the company behind Snapchat, enjoyed a boost of more than 12 per cent in its share value during after-hours trading, nearing $16.60 (€14.91).

Helena Grech - 2nd August 2019

The service is currently available to Revolut’s premium ‘Metal’ customers and will reportedly be made available to all customers in the coming weeks.

23rd July 2019

Tech-insider Ice Universe says Apple is considering making changes which will result in a significant upgrade to in the iPhone user experience.

Over the next few days, 110 delegates will be descending on Malta to participate in the regional conference.

1st July 2019

“This networking event is a great opportunity to pay tribute to all the wonderful women who, with great commitment and facing added challenges, endeavour towards their brand’s success.”