Snap gives an update on new simplified app, amongst positive figures in earnings report

The instant messaging app Snapchat has reached 443 million daily active users, with time spent watching content having increased 25% year-over-year.

Snap Inc, which owns the messaging app along with an AR glasses brand, released its financial results for the third quarter of the year on Tuesday (October 29) with pretty strong results.

Revenue was reported as being $1.37 million which is a 15 percent increase year over year. While the company declared a loss of $153 million, this is an improvement on the year before when losses amounted to over $368 million.

The Snapchat+ paid-for subscription is proving to be successful too, with it reaching 12 million subscribers in Q3 meaning it’s more than doubling year over year.

“I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,” said Evan Spiegel, CEO.

“Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long-term growth opportunity.”

Within the last quarter, the company announced an expanded strategic partnership with Google Cloud to power additional generative AI experiences in its AI-powered chatbot My AI.

Back in September, the Snap Inc newsroom announced the testing of a “new and simplified Snapchat” that organizes the app “around communicating with friends, using the camera, and watching Snaps from friends and the broader Snapchat community, including creators and publishers.”

This means Stories and the apps Spotlight feature will be unified in a new simplified design. In the investor letter published on Tuesday, the company writes they are “excited” about the potential for Simple Snapchat.

“In Q3 we introduced a new and simplified version of Snapchat organized into three core experiences focused on communicating with friends, using the camera, and watching entertaining content.

“For Snapchatters, this updated layout offers a more personal, relevant, and easy-to-use interface.

“For creators, Simple Snapchat unlocks greater discovery and enhances the ability for content to reach new audiences.”

Featured Image: AI-generated via Ideogram

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