Snap Inc., the parent company of Snapchat, has reported its Q3 2024 results, showing a 15% year-over-year increase in revenue to $1.37 billion. The company also reported a positive Adjusted Ebitda of $132 million and Free Cash Flow of $72 million.

The company's global community grew to 443 million Daily Active Users (DAUs) in Q3, an increase of 37 million year-over-year. The total time spent watching content on Snap increased by 25% year-over-year. The total number of active advertisers on Snap more than doubled year-over-year in Q3. Direct Response ad revenue growth was up 16% year-over-year.

Snapchat+ subscribers more than doubled year-over-year to exceed 12 million in Q3. Spotlight, Snap's user-generated content platform, reached more than 500 million monthly active users on average in Q3, an increase of 21% year-over-year. Over a billion Snaps were shared publicly on Snapchat every month in Q3.

Snap announced an expanded strategic partnership with Google Cloud to power additional generative AI experiences within My AI, their AI-powered chatbot. Snap introduced new AI-enabled features and launched new safety tools and resources for educators and school administrators. Snapchat+ reached 12 million subscribers in Q3, more than doubling year-over-year.

Snap is experimenting with two new ad formats, Sponsored Snaps and Promoted Places. Snap launched First Lens Unlimited and State-specific First Story for advertisers. Snap introduced the fifth generation of Spectacles, their new see-through, standalone AR glasses powered by Snap OS. Snap OS is a new operating system with a natural interface that uses hands and voice, with no controller required.

More than 375,000 AR creators, developers, and teams have built over 4 million Lenses. Over 150 million Spotlight videos have been created this year featuring Lenses made by the community of Lens Creators. Over 225 million Snapchatters engaged with more than 25 custom Olympic-related AR experiences globally during the Paris 2024 Games. Snap is rolling out a slate of new GenAI Suite features in Lens Studio. Snap is making AR creation simpler with Easy Lens, a new tool that makes it possible to build Lenses in a matter of minutes.

Evan Spiegel, CEO of Snap said, “I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance. Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long-term growth opportunity.”