Report: Snapchat Expected to Surpass User Base Expectations – Pymnts.com

By PYMNTS  |  October 16, 2023 Snapchat’s parent company, Snap, saw an increase in its shares after a report said the social media platform is expected to surpass Wall Street expectations for its user base. Snap is projected to have over 475 million daily active users (DAUs) by 2024, exceeding a Visible Alpha estimate of 447 million, Reuters reported Monday (Oct. 16), citing The Verge. The numbers come as good news for Snap, which has been facing tough competition and a weak advertising market, according to the report. The company has been struggling to maintain its position in the social media landscape, particularly with the rise of platforms like TikTok. In addition to the user growth, Snap also expects its advertising revenue to increase by more than 20% in 2024, surpassing Wall Street estimates of 14% growth, the report said. The stock market reacted positively to the news, with Snap shares jumping 11%. An analyst said in the report that expectations for Snap’s stock were previously low, but if the company reaches the projected user and advertising revenue growth, its stock value could increase as a result. Snap was the first social media firm relying on ads to experience a downturn in demand, according
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