3 Million Active Users Were Lost on SnapChat Here Is Why
This is one major reason for the reduction in users as Instagram has always been on the neck of Snapchat, imitating what the company does and sometimes even doing it better. However, the CEO of Snap and founder of Snapchat actually blamed the redesign of the app for the decline in daily users. The redesign of the app did not sit well with users, so much so that a petition was signed for the former UI to be returned.
Aside from Snapchat, Snap also generates revenue from selling video-recording sunglasses called Spectacles.
Meanwhile, during the second quarter that spanned from April to June, Snapchat beat Wall Street estimates in both its revenue and loss in shares.