Snap Inc. reports that third-quarter revenue increased 15% to $1.37 billion as daily active users grew to 443 million, a 9% year-over-year increase. The social media company’s net loss improved by 58% to $153 million compared to last year.

The platform saw significant growth in content engagement, with total viewing time increasing 25% year-over-year. Spotlight, Snapchat’s short-form video feature, reached more than 500 million monthly active users, representing 21% growth from the previous year.

The Snapchat+ subscription service attracted 12 million subscribers in Q3, more than doubling year over year. The company’s advertiser base also expanded, with total active advertisers more than doubling compared to Q3 2023, driven by growth in small and medium-sized businesses.

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

The company has announced a new $500 million stock repurchase program for its Class A common stock to offset dilution from employee stock compensation. As of September 30, Snap maintains $3.2 billion in cash, cash equivalents, and marketable securities.

In product development, Snap has expanded its partnership with Google Cloud to enhance My AI, its artificial intelligence chatbot. The company introduced new AI-enabled features for memories and conversation starters. It has also launched two new advertising formats: Sponsored Snaps and Promoted Places.

The augmented reality (AR) platform continues growing, with over 375,000 creators and developers building over 4 million Lenses. The company introduced its fifth generation of Spectacles, AR glasses powered by the new Snap OS operating system. These glasses feature hand and voice controls without requiring external controllers.

Financial metrics show improvement across several areas:

• Adjusted EBITDA increases 229% year-over-year to $132 million
• Free Cash Flow improves to $72 million from negative $61 million in Q3 2023
• Operating cash flow reaches $116 million, up from $13 million year-over-year

Regional performance varies:

• North America revenue: $858 million, up 9% year-over-year
• Europe revenue: $249 million, up 24% year-over-year
• Rest of World revenue: $266 million, up 32% year-over-year

The platform reports that users share over one billion publicly available Snaps monthly from community members, creators, and media partners. To support educational institutions, Snap launched new safety tools and resources to help educators and school administrators understand student platform usage and available protections.