Snap’s first quarterly earnings has taken a toll on the stock, thanks to Facebook and it’s all out assault on the company. User growth was more modest than expected. The company reported an adjusted EBITDA loss of about $188 million during the quarter, a number you find out if you look past the $2.4 billion loss headline.
However, there are some silver linings on these dark clouds: the company is still second to Facebook in terms of time spent in app by its 166 million daily active users — at more than 30 minutes per day. It used to be about 25 minutes. Facebook users spend around 37 minutes on the service, according to Morgan Stanley data, though Facebook itself doesn’t reveal those numbers. Instagram daily active usage is about 22 minutes. Twitter is ten minutes!
It might not be enough to stop the bleeding, but it shows for now those who are on Snap are logging in and staying for a little bit longer. Or as one analyst pointed out — any social service that gets people to spend 30 minutes or more every day, it can’t be taken lightly. Facebook, certainly isn’t!
P.S. In comparison with all the social networks, television viewing is still huge – 4 hours in the US.