After almost two Quarters of losing its Users, Snapchat losses seem to have stabilized. The company is not increasing again but the reports of Q4 earnings do not show any reduction either. Today, the company said that they have the same number of daily active users as it had last quarter at 186 million, it is still less than the 191 million recorded last year in the same Quarter.
Snapchat also set a new record for Quarterly revenue at $390 million which brings its yearly total to more than $1.1 billion. The company has not started to gain profit yet but Evan Spiegel says spendings stabilized. The earnings reports represent a bad year for Snapchat as the company lost multiple top executives in 2018, including the head of finance, chief strategy officer, head of sales, and president of hardware, but Spiegel says they’re hiring and are excited about the new talent. Not forget to mention the company’s CFO also left at the start of this year.
In remarks, the company CEO Spiegel referenced the departures and said:
“The transitions we made in both the Snapchat platform and our business last year were necessary and created many of the opportunities we have ahead of us, but change is always difficult and this past year was no exception,” he says. “We focused on building the leadership team we need in order to execute against our long‐term opportunity, and recently welcomed several talented and experienced leaders for the next stage of our company’s growth.”
One of the main reason for Snapchat losing its users is because of Snap redesign, the company said it ultimately cause a decline of 30 percent people watching Snapchat-exclusive stories and shows. Spiegel said, on the other hand, iOS daily active users tend to increase both quarter over quarter and year over year. Whereas Android turned out to be a sore point for Snapchat, Spiegel said they developing team working on an Android app and is rolling out a new version to a small group of users.