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Snap reaches 500 million monthly users

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SNAPEvan Spiegel, CEO of SNAP Inc.Stephen Desaulniers | CNBC

Snap said Thursday that its social media app Snapchat has reached 500 million monthly active users.

Shares of Snap were up as much as 5% on Thursday after the company announced the feat.

This is a significant milestone for Snap, a company that refused multi-billion dollar acquisition offers by Facebook before it went public in 2017 and survived an ill-fated redesign in 2018 that its users hated.

Snap had never released monthly-active-user figures before Thursday. Rather, the company had always focused on its daily user base, which reached 280 million in April. That’s up 22% compared to a year prior.

To be sure, the company’s 500 million monthly users are just a fraction of the 2.85 billion who open Facebook each month.

The milestone was announced Thursday at the company’s 2021 Snap Partner Summit, where it also shared a number of new augmented-reality features that could help the company monetize that 500 million monthly user base.

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There’s a scene in 1995’s “Clueless” where Cher Horowitz uses a computer to quickly glance and superimpose the catalog of clothing in her closet on her body to pick the perfect outfit.

At the time, it