Just five short years ago, Snapchat reigned supreme along similar social media titans such as Facebook and Instagram.
The company released its second quarter earnings on Wednesday (Aug 8), and it was revealed that number of daily active users have dropped from 191 million in Q1 to 188 million.
This is the first time that user count has dropped quarter-over-quarter in the company’s corporate history.
Even with the loss of millions of users, the company is still making money.
It brought in overall revenue of $262 million (S$357 million), a 44% year-over-year increase and a 11.9% increase from last quarter.
It is still operating at a net loss of $353 million, but that has also decreased by 20% from last year.
The 188 million daily active user number is also 8% higher than this time last year, meaning that it isn’t all doom and gloom for the company.
Snapchat has taken a hit in the past few years, especially with the redesign that caused a lot of users to leave the platform; and the loss of users represents a huge problem for the company.
However, it has also had some positive results, which only shows that there is always a chance that the popular picture-taking app could make a return to its former glory one day.