Business

Snapchat is back in the game: the social media platform exceeded revenue and daily user forecasts

Snapchat exceeded forecasts of users and revenue
  • Snapchat reached a revenue of $388 million and a base of 203 million daily users 
  • The key to their growth was Android’s new version of the app with features such as interactive games and viral camera lenses
  • The stock prices of the company doubled in value, and Snapchat has become the best-performing tech stock of the year

Snapchat have reinvented themselves and are back in the game of social media giants. The messaging app that was fighting to recover its business since the launch of Instagram Stories is now taking their share of the audience back by releasing a whole new version of the Android app. 

The new version is offering new features, such as interactive games and viral camera lenses, to attract users – and it is working. The forecasts were betting that Snapchat’s daily users would grow by 190 million in the last quarter. The company went further and reached 203 million. In terms of revenue, it couldn’t be more different, for while the forecasts estimated $360 million, sales grew by 48%, reaching $388 million. 

We are seeing early positive results following the roll out of our new Android application, with more than a 10% increase in the retention rate of people who open Snapchat for the first time,” said Evan Spiegel, one of the Snapchat’s co-founders, in an interview for Forbes.

After two difficult years, Snapchat is finally finding its way to winning the global market again. The stock prices of the company are rising this year, and it has already doubled its value, becoming the best-performing tech stock of the year, according to Forbes.