Snapchat

Photo-messaging app Snapchat's losses seem to have stabilized as the company did not add any user in the last quarter and did not lose any either. Snap, the photo-sharing app's parent company has said it added 186 million daily users in the final three months of 2018, unchanged from the prior quarter and ending a streak of two consecutive quarters of declining users, CNN Business reported late on Tuesday. Earlier, Snapchat witnessed a fall in users in the wake of a controversial early 2018 redesign of the app that was intended to revive user growth but initially appeared to do the opposite. Apart from the stable user base, Snap has also reportedly set a new record for quarterly revenue at $390 million, which brings its yearly total to more than $1.1 billion. "In 2018, we focused on building a foundation to scale the business over the long-term by driving sustainable product innovation, scaling our advertising platform, and hiring the leadership team that will help us achieve our future goals. We ended the year with user engagement stabilizing," Evan Spiegel, Co-founder, and CEO, Snap was quoted as saying in the report. While Snap lost users because of its reviled redesign, the company stressed it ultimately resulted in 30 percent more people watching Snapchat-exclusive stories and shows, according to The Verge.

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