Snapchat is losing twice as much money as it did last year
Snap reported its earnings for the first time since becoming a public company in March of this year. Its daily active user count clicked up to 166 million, a 5 percent increase over last quarter, up 36 percent from this time a year ago. That puts it behind Instagram Stories, a competitor launched by Facebook that copied heavily from Snapchat and has already passed 200 million users. It also means Snap hasn’t found a way back to the rapid growth it saw in years past.
Investors were not pleased with the slowing rate of growth, and the company’s shares were down nearly 25 percent in after-hours trading. Financially the company continued to increase its revenue, which grew nearly 300 percent...