Snap, the parent company of Snapchat, reported a net loss of $368 million for the quarter ending September 30, a slight improvement over the previous year's results, though the company continues to experience slow growth. Jerry Hunter, who had served as the company's chief operating officer for just over a year, is retiring, and Snap has decided not to replace him.
Snap's total revenue for the quarter was nearly $1.2 billion, marking a 5% increase from the same period the previous year. The number of daily active users on Snapchat saw a 12% year-over-year increase, reaching a total of 406 million.
Snap CEO Evan Spiegel expressed the company's focus on enhancing its advertising platform to provide greater returns for advertising partners and improve its go-to-market strategies to better serve these partners and drive customer success.
Jerry Hunter, who played a significant role in building Snap's engineering and business structures during his seven years with the company, will continue to support Snap through July 1, 2024, to ensure a smooth transition.
Since the launch of "My AI," Snap's AI-powered chatbot, over 200 million people have sent more than 20 billion messages. The company is also witnessing a rise in content creation on Snapchat, with nearly three times more public Stories posted in the United States compared to the third quarter of 2022.
Snap is focused on accelerating and diversifying its revenue growth and expects Snapchat's daily active users to reach 410-412 million in the December quarter.
This comes as Snap continues to refine its strategy to remain competitive in the social media and messaging space, leveraging features such as augmented reality lenses and original content to engage users and advertisers. The company faces tough competition from platforms like Facebook, Instagram, and TikTok in a rapidly evolving digital landscape.
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Inputs from IANS
