Snap rival Instagram Stories' growth weighs on shares

Snap rival Instagram Stories' growth weighs on shares

Snap rival Instagram Stories' growth weighs on shares

After deciding to clone Snapchat's Stories feature and roll it out to Instagram last August, today the company offered an update on progress, confirming the feature now has 250 million daily active users. Most recent reports show that Snapchat has 166 million daily active users. Instagram Stories now has 50% more DAUs than Snapchat, and that lead will likely only widen. "We think Stories is also another format that not only consumers but advertisers use", she said.

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Instagram says that the live video replay feature is now only rolling out to its mobile apps on Android and iOS. The company hasn't released any detailed metrics about the usage of its live streaming feautre, but said Tuesday that "millions of people" had made use of it. Shares of Facebook were down less than 1% Tuesday. The stock has a 52-week range of $108.23 to $155.59 and a consensus price target of $169.30. All video replays will be live for 24 hours after which they will disappear for good. "You ou are going to see Stories in a lot of different platforms". Snapchat added "world lenses" that appear to be three-dimensional when added in photos or videos on the app.

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The company even added its last 50 million users in merely 2 months.

Facebook had introduced the live video service on Instagram in November a year ago and since then millions of people have broadcasted live video.

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