Snapchat gains users - quarterly figures exceed expectations
The photo app Snapchat gained users in the first quarter for the first time in three quarters. The number of daily active users rose by four million to 190 million compared to the previous quarter, Snapchat's parent company Snap announced on Tuesday.
Investors reacted with delight to the return to user growth. They sent the share price up sharply at times in after-hours US trading.
Business was also better than Wall Street had expected. Snap's revenues climbed by almost 40 percent year-on-year to 320 million dollars thanks to a strong increase in advertising revenue. It also managed to reduce its loss by 20 percent to $310 million.
"We delivered strong results in the first quarter," Snap CEO Evan Spiegel said happily. He held out the prospect of increased investment for long-term growth. (SDA)
