Though it may not have the recognition of a Twitter or Facebook, Snapchat is one of the largest social media platforms out there. Primarily used to send temporary image and video messages, the platform has also grown significantly thanks to its filters and facial recognition technology. In its earnings report for Q1 2023, Snapchat shared its financial figures for the first few months of the year, as well as some analytics. This included the fact that the platform saw 383 million daily active users in the quarter.
The stat came out of Snapchat’s Q1 2023 earnings report. In the quarter, daily active user numbers were up 15 percent in year-over-year comparisons. Roughly 383 million people used Snapchat every day. The company states that this growth has been sequential, with users rising in the United States, Europe, and other parts of the world.
While Snapchat started out over a decade ago as an app to share photos and videos that would disappear after viewing, the platform has continued to add features over the years. Its use of filters were a major milestone in facial recognition technology and social media advertising, and Snapchat Stories went on to be replicated by Instagram, Facebook, and Twitter. This year, Snapchat introduced its own AI chatbot to compete with the likes of ChatGPT and Bard.
Snapchat’s 383 million daily active users is quite the figure for the social media and technology company. The news came out of its Q1 2023 earnings report, which also showed an EPS beat and revenue miss. For more of the tech finance news coming out this week, stick with Shacknews.