Snapchat lost a million users in 2018. This is evident from the quarterly figures that Snap, the company behind the social medium, announced on Tuesday evening.
In total, 186 million people worldwide use Snapchat every day.
The turnover of Snap rose in 2018 to 1.18 billion dollars, converted about 1 billion euros. That is an increase of 43 percent compared to the previous year.
Nevertheless, the company is still losing. In 2018, that amounted to 1.26 billion dollars. In 2017 Snap was still in the red for 3.4 billion dollars. Those costs were relatively high in that year because of the IPO of the company.
Snap director Evan Spiegel says the company is “substantially closer to profitability”.
Abaigael Schlomski is an accomplished economist and financial journalist with over a decade of experience in the industry. He is a regular contributor to EconomicInform, where he provides in-depth analysis and expert commentary on the latest economic trends and events. With a keen understanding of the financial markets and a talent for breaking down complex economic concepts for a general audience, Maurice is a trusted and respected voice in the field.