Instagram is a mobile, desktop, and Internet-based photo-sharing application and service that allows users to share pictures and videos either publicly or privately.Snapchat is an image messaging and multimedia mobile application. Hit by the growth of Facebook-owned Instagram ‘Stories’, photo-sharing platform Snapchat managed to add only seven million daily active users (DAUs) in the second quarter of 2017.
- Announcing financial results for the quarter ended June 30, Snap Inc reported a loss of $443 million.
- Furthermore,with $181 million as revenue which was still below analysts’ expectations of $186 million.
- Snap shares plunged 14 per cent after the results.
- “We believe deeply in the long-term success of Snap,” CEO Evan Spiegel told analysts after the results, adding that “the company is making progress”.
- The DAUs grew from 143 million in Q2 2016 to 173 million in Q2 2017.
- In addition,an increase of 30.5 million or 21 per cent (year-over-year).
- “DAUs increased 7.3 million or four per cent quarter-over-quarter from 166 million in Q1 2017,” Snap said in a statement.
- On the other hand, Instagram ‘Stories’ has garnered over 250 million MAUs.
- Instagram currently has nearly 700 million users globally.
- The results underscore that “Instagram Stories has essentially flattened Snapchat’s meteoric rise.”