Although the company’s revenue increased 44 per cent to $262 million — compared to $182 million revenue in Q2 2017 — it appears that Facebook-owned Instagram “Stories” has stalled Snapchat’s growth.
More than 400 million people use Instagram’s “Stories” feature daily to post photos and videos that disappear after 24 hours.
We are excited by the progress we have been making and are optimistic about the opportunities ahead as we continue to invest in innovation,” Evan Spiegel, Snap CEO and Co-Founder, said in a statement on Tuesday.
Snapchat for the first time shared the number of monthly active users — 100 million in the US and Canada.
Cash used in operating activities was $199 million in Q2 2018.
The net loss decreased 20 per cent to $353 million in Q2 2018 — compared to a net loss of $443 million in Q2 2017, said the company.