Snapchat Passes 30 Million Paid Subscribers but Shares Fall 12%

Snap has crossed a milestone its investors have long wanted, announcing in its third-quarter earnings that Snapchat now has more than 30 million paid subscribers. That is up five million since February, when the company first reported passing 25 million, and it shows people are willing to pay for extras on the app.

The count covers Snapchat Plus, which launched in 2022 at 3.99 dollars a month, Memories Storage at 1.99 dollars, and Lens Plus at 8.99 dollars. A Platinum tier without ads costs 15.99 dollars. CEO Evan Spiegel credited AI-powered features for Lens Plus beating expectations, while stressing that subscribers remain a small share of the community.

Wall Street focused on the weak spots. Daily active users reached 495 million, up from 493 million but below the 499 million analysts expected, and ad revenue missed forecasts, sending shares down 12 percent. Spiegel said the company will prioritise improving advertiser performance as it tries to balance subscription growth with its core ads business.