Science & Tech
THE photo and video app Snapchat continues to gain users, but can’t make a profit, figures released showed.
Over the past three months, the number of daily active users worldwide rose by 11 million or nine per cent to 443 million, the company said.
However, in the lucrative U.S. market, it has stagnated at 100 million a year.
Snapchat’s parent company, Snap, is struggling to turn user activity into profits.
Third quarter revenue increased by an annual 15 per cent to 1.37 billion U.S. dollars, which was slightly above analysts’ expectations.
But the company still lost some 153 million U.S. dollars.
This was a 58 per cent improvement compared to the nearly 368.3 million U.S. dollars a year ago.
Snap’s business is mainly based on advertising on the Snapchat app.
For the current quarter, which includes the Christmas season, Snap indicated revenues between 1.51 billion U.S. dollars and 1.56 billion U.S dollars.
Analysts had expected a forecast at the upper end of this range.
Following the announcement of a share buyback amounting to around 500 million U.S. dollars the stock rose by about seven per cent in after-hours trading. (dpa/NAN)
30th October, 2024.
C.E.
Tags: Snapchat
