Snap, the parent company of Snapchat, has reported its third-quarter performance in 2024 with a total revenue of $1.373 billion, an increase of 15% from the same period in the previous year. Despite this growth, the net loss according to GAAP accounting standards decreased to $153 million.
The number of daily active users on the platform has increased by 9% to 443 million accounts. The total viewing time of content has also seen a 25% increase. Additionally, the number of Snap shared publicly surpasses 1 billion posts per month during the last quarter. The number of paying customers for Snapchat+ remains unchanged at 12 million accounts from the previous year.
Evan Spiegel, the CEO of Snap, emphasized that the company’s investments in AI and AR have enhanced user engagement and innovation in advertising methods on the platform. This paves the way for further growth opportunities for the company. Furthermore, the company’s board has approved a share buyback program of $500 million.
Source: Snap
TLDR: Snap’s Q3 2024 results show a revenue increase, user growth, and strategic investments in AI and AR for future expansion.
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