According to Engadget, Snapchat lost 3 million daily users over the course of the past three months.
This is the first time the company has ever seen a dip in their user count since their inception. However, it’s also eight percent increase in users in comparison to this time last year.
The company’s CFO Tim Stone said that the amount of active users they have are up to 100M in the U.S. and Canada.
Snapchat’s revenue has also gone up by 44% to $262M USD. Snap Inc. may have lost users but they’re making more money.
They’re currently operating at a net loss of $353M which is a 20 percent decrease from this time last year.
The decline is predominantly due to the app redesign that they launched earlier in the year.
“It has been approximately six months since we broadly rolled out the redesign of our application, and we have been working hard to iterate and improve Snapchat based on the feedback from the community,” CEO Evan Spiegel said about the decline.