Snapchat is among the most popular messaging apps on the market. First debuted back in 2011, Snapchat quickly gained trust among users and tech experts worldwide. The company keeps adding new features and skills to its messaging app to take on the Messenger and WhatsApp. The messaging app has nearly 190 million daily active users, but it seems that things are getting worse.
Snapchat just announced its earnings report for the second quarter of the year. The report shows that the company is having a hard time attracting users worldwide. Specifically, Snapchat lost three million daily active users in the second quarter. However, the company reported a rise of 44 percent to $262 million in Q2/2018.
Last year, tech experts predicted that Snapchat would report a revenue of $250 million, but it seems that the company exceeded our expectations. However, Snapchat is falling behind Facebook-owned services out there like Instagram, Messenger, and WhatsApp. WhatsApp is now the most popular messaging service with more than one billion active users.
Back in 2016, Instagram copied a Snapchat feature called Stories. The feature allows you to post photos and videos that automatically disappear after 24 hours. Instagram Stories quickly gained its popularity on the market, with more than 300 million users. Snapchat’s Stories feature is reporting a loss in daily users as they are switching to Instagram’s counterpart.
Snapchat is working on other products to attract more users. The company is now selling its video-recording sunglasses. The company just announced a new lineup of sunglasses that include support for HD videos and water protection. You now can buy the sunglasses for $149.99 on the market. Sources say that the company will lower the price of the sunglasses to attract more customers this year.
According to rumors, Snapchat has been working on new products to take on Facebook this year. Snapchat will improve its Stories feature to compete directly with Instagram’s counterpart. Snapchat is expected to post a higher revenue in the third quarter of the year, and it is trying to attract more daily users out there.
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