The parent company of Snapchat, Snap, reported a net loss of $368 million for the quarter that ended on September 30. While this represents a slight improvement over the same period last year, the business is still expanding slowly.
The company announced late on Tuesday that Jerry Hunter, who was appointed chief operating officer just over a year ago, is retiring and will not be replaced.
Compared to the same period last year, Snap’s total revenue increased by 5% to almost $1.2 billion.
Snapchat has 406 million daily active users, a 12% year-over-year increase.
Executive Chairman of Snap, Evan Spiegel, stated, “We have evolved our go-to-market efforts to better serve our partners and drive customer success. We are focused on improving our advertising platform to drive higher return on investment for our advertising partners.”
When COO Hunter joined Snap seven years ago, he played a significant part in the development of the engineering and organizational structures of the company.
He will stay on board with Snap until July 1, 2024, in order to facilitate the transition.
Spiegel expressed her sincere gratitude to Jerry for his significant contributions during his lengthy tenure at Snap. “His efforts to strengthen our team, give back to the community, and enhance our advertising platform have helped lay the groundwork for our future growth.”
Over 200 million users have sent over 20 billion messages through Snap’s AI-powered chatbot, “My AI,” since its launch.
As compared to Q3 2022, there have been almost three times as many public Stories posted in the US on Snapchat by creators. The company stated, “We are committed to growing and diversifying our revenue growth.
In the December quarter, Snapchat expects to have between 410 and 412 million daily active users.
