The social media services have been used by many very eagerly.
However, a sudden downward shift is seen in the number of its users. Social media services seem to have peaked out.
Snapchat app on Tuesday has announced that it has lost around 3 million of its daily users as per its second-quarter reports. The app which went public in 2017 has a high number of daily users. But it is seeing a decline in numbers recently.
This downward trend in the number of active users is seen in other social media services too.
Facebook has shown flat growth from last year. This decline is seen in the United States and in leading countries like Europe too.
Twitter has also claimed that its daily active users on a monthly basis are decreasing by one million when compared with the trend last year during the same period.
This downward trend in the usage of the social media is reflected in the share prices of these social media too. The share prices of Twitter and Facebook are seeing a big drop in prices.
Users are shying away from using the social media as they face certain social issues. Facebook has been negligent about the data of its users, while Twitter faces issues like foreign interferences its websites along with misinformation.
Snapchat has posted an increase in revenue to $262 million which is a 49 percent increase but a net loss for its second quarter of $353 million when compared to last year numbers.
Though the daily active numbers continue to fall, having 100 million users who continue to be daily users, project good numbers for the company which is still in its early days, says the Chief Financial Officer, Tim Stone.
With bad news growing against the social media, users are scared to use them for fear of misuse of data and use of data by miscreants.