Snapchat parent Snap reported this afternoon that during the second quarter, the messaging app lost three million daily active users. That number now stands at 188 million DAUs as Snapchat finds itself in a battle with Instagram for consumers' eyeballs. Instagram has continued to copy Snapchat features, such as it did with Stories. The problem is that the public seems to feel that whatever Instagram copies from Snapchat, it does it better.

For the three month period from April through June, Snap's revenue rose 44% year-over-year to $262 million. That topped Wall Street ...


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