Snap appears to be working its way out of a downturn. In the company's Q2 earnings release that just dropped. Snap revealed that it had 203 million daily active Snapchat users in the last quarter, up eight percent year-over-year and seven percent quarter-over-quarter. That came after several quarters of declining users, something that was clearly troubling to investors.
Not coincidentally, the redesigned Snapchat app that rolled out to all Android users last quarter has made an impact as well. Snap says that users are sending seven percent more Snaps with the new app, though it comes with the confusing caveat that this represents "the majority of Android devices used by new users." Likely, that's an acknowledgement that there are Android users with older devices not running the updated app. Snap also say that new users are more likely to stick with the Snapchat app these days -- the company "saw more than a ten percent increase in the retention rate of people who open Snapchat for the first time."
As for its financial performance, Snap still isn't profitable -- but it's slowly inching closer to that day. The company pulled in $388 million in revenue, a big 48 percent increase over Q2 one year ago. But the company still lost $255 million in the quarter; that's 28 percent less money than it lost in Q2 2018.
Somewhat surprisingly, Snap's Discover platform is also getting more engagement than it has in the past. The audience of people watching content on Discover daily grew 35 percent in the last year -- though Snap didn't provide any numbers to quantify how big (or small) that audience is. Total daily time spent watching Discover is also up to the tune of 60 percent year-over-year.
As for the host of partner-focused announcements Snap made back in April, it's a bit too early for much of them to have come to fruition. But we'll be listening in to today's earnings call to see if CEO Evan Spiegel has any other details to share and we'll update this post with anything we hear.