Evan Spiegel, CEO of SNAP Inc.
Stephen Desaulniers | CNBC
Snap said Thursday that its social media app Snapchat has reached 500 million monthly active users.
Shares of Snap were up more than 3% on Thursday after the company announced the milestone.
This is a significant milestone for Snap, a company that refused multi-billion dollar acquisition offers by Facebook before it went public in 2017 and survived an ill-fated redesign in 2018 that its users hated.
Snap had never released monthly-active-user figures before Thursday. Rather, the company had always focused on its daily user base, which reached 280 million in April. That’s up 22% compared to a year prior.
To be sure, the company’s 500 million monthly users are just a fraction of the 2.85 billion who open Facebook each month.
