Snapchat believes it still has a job to do convincing brands of its value, as it looks to hone in on the effectiveness of its ads.
The brand revealed its latest set of results yesterday (10 August), which showed that losses at its parent company Snap Inc nearly quadrupled in the second quarter. Snap lost $443m despite revenues rising 153% to $182m. That was below analyst expectations.
Growth also slowed, with Snapchat adding 7.3 million new users in the quarter, below the 8 million expected. It now has 173 million daily active users.
Despite the figures, the company’s chief strategy officer Imran Khan remained upbeat and insisted it had made “great progress” monetising the platform.
Advertising revenue increased 146% year on year and 25% quarter over quarter. Snapchat claims to have over 69 million daily active users in the US and Canada, which Khan said “are two of the most monetisable markets in the world”. Together these two countries…