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Snapchat grows to more than 400 million users

Oct 24, 2023 - engadget.com
Snapchat's parent company, Snap, announced in its Q3 earnings report that the app's daily active users (DAUs) have grown to over 400 million, a 12% increase from last year. The company also reported a 5% increase in revenue, totaling $1.19 billion for the quarter, surpassing Wall Street expectations. This growth comes after Snap laid off 20% of its workforce last year to cut costs amid slowing advertising revenue.

Snap attributes part of its success to its subscription service, Snapchat+, which has reached five million subscribers. The service offers exclusive and experimental features for $4 a month. Additionally, the company's MyAI chatbot, launched in April, has interacted with over 200 million people, exchanging more than 20 billion messages. Snap believes it's one of the most used AI chatbots today.

Key takeaways:

  • Snapchat's daily active users (DAUs) have grown to 406 million, a 12 percent increase from last year, according to Snap's third-quarter earnings report.
  • Snap reported $1.19 billion in revenue for the quarter, a 5 percent increase from last year, exceeding Wall Street expectations.
  • Snap's subscription service, Snapchat+, which offers exclusive features for $4 a month, has reached five million subscribers and is a key part of its strategy to grow non-advertising revenue.
  • The company's MyAI chatbot, powered by OpenAI, has reached over 200 million people who have exchanged more than 20 billion messages with it, making it one of the most used AI chatbots today.
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