Snapchat sees users and revenue rise, but not as much as forecast

The number of people who use Snapchat daily has grown by 16% to 178 million in the past year, the social app's parent company said.

In reporting its latest financial results, Snap Inc revealed daily active users had climbed from 153 million compared to this time in 2016.

However, the technology giant also announced it had written off $39.9m in relation to unsold stock of Spectacles, the firm's video camera-enabled sunglasses.

Snap Inc's total revenue was up by almost 63% on the same quarter last year, rising to $207.9m compared to $128m last year.

However, the figure, along with the number of daily active users, was below analysts' expectations.

Snap Inc chief executive Evan Spiegel said the firm was preparing to redesign the Snapchat app to make it "easier to use".

Snapchat has come under increased pressure from Facebook and its family of apps in the last year - the social network and its other services, including WhatsApp and Instagram, have aggressively introduced features similar to Snapchat to entice users to them.

The native Facebook app, WhatsApp and Instagram have all either introduced or enhanced their own in-app cameras, as well as added new filters and editing features mimicking that of Snapchat.

Instagram has also introduced a "story" feature similar to that of Snapchat, user numbers of which have already risen above 200 million people.

The photo and video sharing app has recently announced plans to create its own TV shows to promote within its app.

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