And Snapchat is also growing much more quickly
According to a report by Bloomberg, Snapchat now has 150 million people using the app every day. That’s significantly more than Twitter has, based on the company’s last public statement on the subject. Snapchat also seems to be growing rapidly, while Twitter’s user base has more or less flat-lined.
The Bloomberg report, which the news service says is based on anonymous sources close to the company, notes that Snapchat had 110 million daily active users in December. That means its user base has grown by more than 35% in just five months. In its last financial report, Twitter said that its total user base had grown by just 3% worldwide—and didn’t grow at all in the United States.
Twitter doesn’t report exactly how many daily active users it has. The San Francisco-based company reports monthly active users, which in April was at about 310 million. In the past, it has said that about 44% of those users check in every day in its 20 top markets, which suggests that it has about 135 million daily active users.
Twitter has been trying to get analysts and investors to focus on the total number of users who see or interact with tweets even when they aren’t logged in, which it says is about 500 million.
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The only problem with the “logged out” strategy is that the advertisers Twitter relies on for its revenue seem to be far more interested in users who are logged in to a social network or app such as Facebook or Snapchat. As a result, not only is Twitter struggling to grow its user base, but its advertising revenue growth seems to be slowing as well.
The company’s share price is showing the strain of both of these factors. Twitter’s stock TWTR has fallen by more than 55% since co-founder Jack Dorsey returned as CEO last year, and the company is now worth just $10 billion—down from a high of $50 billion right after it went public in 2013. Snapchat, which just raised a new financing round of $1.8 billion, has an estimated market value of about $17 billion.