JAKARTA - Snap Inc., the parent company of the Snapchat app in the Third Quarter 2023 Financial Statements announced that Snapchat now has 406 million daily active users (Daily Active Users/DAU).
Based on the report, this number increased by 43 million, or by 12 percent year-on-year. In addition, the total time users spend watching Spotlight increases by more than 200 percent year-on-year.
In terms of revenue, Snapchat CEO Evan Spiegel revealed that the company's revenue experienced positive growth in Q3, which increased 5 percent year-on-year.
This milestone comes after more than a year after Snap decided to lay off 20 percent of its workforce in an effort to cut costs as advertising revenue declined. The cuts, along with new product features, seem to be starting to pay off.
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"We are focused on improving our advertising platform to encourage higher investment returns for our advertising partners, and we have developed efforts to get into our market to better serve our partners and encourage customer success," Spegel said.
Generative AI is also a bright spot for the company. MyAI chatbot companies, launched into all Snapchat users in April, have reached more than 200 million people who collectively exchanged more than 20 billion messages with OpenAI-backed chatbots.
Along with the report, Snap also announced the news of his retirement from Jerry Hunter as Snap's Chief Operating Officer. Thus, Hunter's duties and responsibilities will be transacted by the end of the month and he will continue to support Snap until July 1, 2024.
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