By Associated Press
Facebook has been bent on copying Snapchat ever since the social media giant tried unsuccessfully in 2013 to buy what was then an ephemeral photo-messaging app.
Now, the company behind Snapchat is hoping to copy some of its larger rival’s own practices, at least with respect to courting new users—and, with them, advertisers.
But it’s not going so well.
On Wednesday, Snap Inc. announced a massive loss and a continued slowdown in user growth, while revenue fell below Wall Street’s expectations in its first earnings report as a public company. Just a week earlier, Facebook posted double-digit revenue growth for the first quarter — much as it has consistently since its initial public offering in 2012.
Snapchat reported 166 million daily active users in the latest quarter, an increase of just 36 percent from a year earlier. In its first post-IPO report in 2012, Facebook also disappointed investors when its daily user base grew by only 32 percent. But at that point, Facebook had 552 million regular users, more than three times as many as Snapchat.