The number of daily active users of Snap, owned by social media company Snapchat, rose 9 percent to 430 million. This number in the second quarter of this year is about three and a half crore more than the same period last year. News The Hollywood Reporters.
According to reports, Snap reported revenue of $1.24 billion in the second quarter, up from $107 billion in the same period last year.
The growth in April-June quarter fell short of their expectations. Snap’s share price fell 22 percent during this time. They say advertising revenue has been negatively affected.
However, the company narrowed its net loss in the second quarter of this year to about $250 million compared to last year. Last year, the company had a loss of more than 375 million dollars.
