If you're a regular reader, you probably know how most of us feel about Snapchat. I actually used to use it pretty often, but as the app became increasingly bloated and sluggish, my friends and I defected to other services or just stopped altogether. Q3 financials are in, and although Snapchat lost a further two million users, there are some signs of a recovery.
As reported by TechCrunch, active users fell by 1% to 186 million, which isn't exactly a small user base. The better news is that the decline is slowing compared to the 1.5% drop in Q2, and total users are still 5% higher than a year ago.
The company's share price took a tumble to $6.99 in the third quarter, with loses of $325 million recorded — an improvement on the $353 million deficit from the previous period. Right after earnings were shared, the share price recovered to $7.57 before again dropping to $6.31 — it's a bit of a rollercoaster at the moment, and there's not a ton of confidence out there it seems.
A new Snapchat app for Android is almost ready to be rolled out to everyone, and it can't come soon enough at this time. The current version is almost unrecognizable from its better performing iOS sibling and is surely culpable for losing users to WhatsApp, Instagram, and others.