Snapchat has released its earnings report for last year, and the numbers show that the app is finally fighting back against encroachments by Instagram and Facebook.
In 2017, Snapchat Inc — the app’s parent company — earned $825 million, which brought its shares up by more than 2 percent, settling in at an impressive $17.32. The app’s quarterly revenue increased by 46 percent, bringing it up to $285.6 million and exceeding analyst expectations by more than $32 million. Average revenue per use also increased by 46% to $1.53.
Snapchat’s user base also increased by 18 percent, thanks in part to a new Android update that, according to CEO Evan Spiegel, makes Snapchat easier to navigate “especially for older users.” The new update also increased how long users spent on the app by 20 percent in 2017.
In other tech news, we take an exclusive first look at Apple’s HomePod.
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