Snap appears to be struggling its way out of a downturn. In the company’s Q2 earnings launch that just dropped. Snap revealed that it had 203 million every day active Snapchat users within the last quarter, up to eight % year-over-year and seven % quarter-over-quarter. That got here after several quarters of declining users, one thing that was troubling to investors.
Not coincidentally, the redesigned Snapchat app that rolled out to all Android users last quarter has made an impact as well. Snap says that customers are sending seven % extra Snaps with the new app, although it comes with the confusing caveat that this represents “the majority of Android units utilized by new users.” Likely, that is an acknowledgment that there are Android customers with older units not operating the up to date app. Snap additionally say that new customers usually tend to stick with the Snapchat app today — the corporate “saw more than a ten % improve in the retention rate of people who open Snapchat for the first time.”
As for its financial performance, Snap still is not profitable — nevertheless, it’s slowly inching nearer to that day. The corporate pulled in $388 million in revenue, a significant 48 % increase over Q2 one year in the past. However, the firm nonetheless lost $255 million within the quarter; that is 28 % much less cash than it lost in Q2 2018.
Somewhat surprisingly, Snap’s Discover platform can also be getting extra engagement than it has previously. The viewers of individuals watching content on Discover daily grew 35 % within the last year — although Snap did not present any numbers to quantify how large (or small) that audience is. Complete each day time spent watching Discover can be up to the tune of 60 % year-over-year.