Snapchat adds 4 mn users, beats revenue estimates

Photo-messaging app Snapchat added four million new users in the first quarter of 2019, registering a revenue of $320 million -- up 39 per cent (year-over-year) -- thus beating the Wall Street estimates. Snapchat`s daily active users (DAUs) were 190 million -- up two per cent from 186 million in the previous quarter but down from 191 million in Q1 2018. "In the first quarter we delivered strong results across our business with growth in daily active users and revenue," CEO Evan Spiegel said in a statement late on Tuesday.

"Our new Android application is available to everyone, with promising early results," he added. The new app is 25 per cent smaller, opens 20 per cent faster on average, and is modularized for more efficient ongoing innovation. As of March, Snapchat ads reached 75 per cent of the US consumers in the age group 13-34 -- more than Facebook-owned Instagram. The company announced 10 new Snap original shows which will begin airing in May.

"We`ve enhanced Discover`s high quality, made-for-mobile video offering across the Snapchat platform. In Q1 2019, nearly half of our daily Discover viewers watched Discover every day of the week," said the company. It now offers more than 450 premium content channels worldwide.

"As we look towards the future, we see many opportunities to increase our investments, and will continue to manage our business for long-term growth," Spiegel noted.