Snap shock as daily active user numbers fall by 2%

Snap, the parent company of Snapchat, has hit a turning point after suffering its first reversal in daily active users of its flagship app – the first dip since the company’s formation in 2011.

User growth fell into negative territory over the second quarter with a 2% decline. The slide brought Snapchat's daily count down to 188 million from 191 million in the first quarter of 2018.

The poor performance contributed to a $353m loss for the same period, although revenues did pick up by 44% year-on-year.

In an effort to reinvigorate its flagging business Snap has sought fresh innovations to attract new users, such as Snap Kits for app makers wishing to integrate Snap functionality.

The social media firm is also pushing a second generation of its Spectacles devices.

The sector has been hit by a slew of disappointing results over the period with Facebook and Twitter experiencing a similarly lethargic spell.

As recently as February Snapchat was benefiting from strong growth in user numbers.