Forget what you thought about Snapchat, the app is growing faster than it has in years, now counting over 293 million daily active users.
Just a couple of years ago, it looked like it could have been the end.
In 2018, Snapchat was not doing well. Following a disastrous redesign, its stock price bottomed out under $5 as users and advertisers were questioning the very survival of the app.
But nowadays, things are looking drastically different for Snapchat. Its user base is growing faster than it has ever done since it went public back in 2017. Snap said the app added over 13 million daily users during the second quarter, a 23% increase year on year. Snapchat now counts over 293 million daily active users, which means 120 million more than it did this time four years ago (173M.) As a comparison, Twitter reported 206 million active daily users for the same time period.
But it’s not just user growth for Snapchat. The company also reported a 116% increase in revenue, bringing its total to $982 million, making Snapchat one of the fastest-growing social media companies.
Snapchat continues to build its growth around a passion for augmented reality. CEO Evan Spiegel is directly responsible for Snap’s investments in AR for years. Recently, Snap even announced its hop to build more shopping features that would take advantage of AR to let users virtually experience a product just by scanning it with the Snapchat camera and buying it without ever having to leave the app.
“More than 200 million Snapchatters engage with AR every day on average, and over 200,000 creators use Lens Studio to build AR Lenses for our community,” Spiegel said in his remarks to investors Thursday.
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