Just a couple of years ago, there were concerns that Snap, the parent company of Snapchat, wouldn’t survive as a standalone company. Its stock price bottomed out around $5 after a disastrous redesign that hurt user growth and confused advertisers.
The situation is much different now. The camera-based messaging app is growing faster than it has since 2017, the year it went public. On Thursday, the company said it added 55 million daily users during the second quarter, a 23 percent increase from the year-ago period. That means 293 million people use Snapchat every day around the world, up from 173 million this time four years ago. Snap’s revenue also soared 116 percent during the period to $982 million, making it a faster growing business than Facebook or Twitter.
Developing…