This chart shows the trouble Facebook's copycat strategy is making for Snapchat
Snap's first few months as a publicly traded company have been rough, with its stock trading well below its March IPO price. The Snapchat app's parent company missed Wall Street targets in the first quarter, and investors will be paying close attention when it reports its Q2 results next week.
Snap's greatest challenge comes from Facebook, which liked the idea of Snapchat stories so much that it decided to roll out its own version of stories on its Instagram and WhatsApp apps. As this chart from Statista shows, more than 250 million people use Instagram stories and WhatsApp every day. Despite its headstart, Snapchat lagged behind with 166 million users as of February 2017.
Instagram also announced on Wednesday that users who are under 25 years old spend more than 32 minutes a day on its app, on average. By contrast, Snapchat said in February that its under-25 users spent over 30 minutes a day on the platform.
To convince investors it can be successful, Snap needs to close the gap.
Mike Nudelman/Business Insider.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas