During an investor presentation on Thursday, Snap Chief Executive Evan Spiegel announced that the company's photo messaging service Snapchat now has 750 million active monthly users. According to Snapchat's dismal quarterly earnings report from last month, the social media platform's income for the upcoming quarter may drop by as much as 10%. The owner of the photo messaging app Snapchat was the first of the major digital advertising platforms to announce its fourth-quarter earnings, giving platforms like Meta Platforms, which owns Facebook, and Alphabet Inc's Google, a head start. A weaker economy, more competition from other social media platforms, and "platform policy changes" all contributed to Snap's company suffering in the fourth quarter, it claimed in a letter to investors.

Key Points

• During an investor presentation on Thursday, Snap Chief Executive Evan Spiegel announced that the company's photo messaging service Snapchat now has 750 million active monthly users.

• A weaker economy, more competition from other social media platforms, and "platform policy changes" all contributed to Snap's company suffering in the fourth quarter, it claimed in a letter to investors.

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