Snapchat has surpassed the 400 million user mark, as revealed in the third quarter (Q3) earnings report.
The platform gained nine million new users in the previous quarter, pushing its total daily active users (DAUs) to 406 million, which is a 12% growth compared to the previous year, according to the company.
This achievement comes just over a year after Snap implemented a 20% reduction in its workforce to decrease expenses during a period of declining advertising revenue.
These cost-cutting measures, coupled with the introduction of new product features, seem to be yielding positive results.
Snap disclosed a quarterly revenue of $1.19 billion, marking a 5% increase from the previous year, surpassing the expectations of Wall Street analysts as per CNBC.
In its statement, the app highlighted its subscription service, Snapchat+, as a crucial component of its strategy to expand its non-advertising revenue streams.
Last month, Snap reported that Snapchat+, which provides subscribers with exclusive and experimental features at a cost of $4 per month, has amassed five million subscribers.
Generative AI has also been a highlight for Snap. The company’s MyAI chatbot, made available to all Snapchat users in April, has reached over 200 million individuals.
These users have collectively exchanged more than 20 billion messages with the OpenAI-powered chatbot, positioning it as one of the “most used AI chatbots available today,” according to Snap.
