Snapchat witnesses a 12% growth with 406 million users

Snapchat announces its third quarter 2023 financial results where it has grown to 406 million daily active users.

Snapchat was able to add nine million new users in the last quarter. The platform has overall seen a growth of 12% as compared to last year.

In addition to the growth in daily active users, Snap Inc. achieved an increase in revenue by 5% which equates to $1,189 million as compared to last year. Apart from that, the platform experienced a net loss of $368 million and adjusted EBITDA was positive $40 million.

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Snap Inc. launched Snapchat+ subscription service that offers exclusive, experimental, and pre-release features. This service actively contributed to the growth. In addition to that, the platform also reached more than 200 million people through the MyAI chatbot.