"In Q3, we began testing a new AI video generation tool that enables creators to generate engaging videos with a simple text or image prompt," Spiegel said on Tuesday's earnings call. "Our efforts to support creators have contributed to the number of creators posting content growing approximately 50% year-over-year in Q3."
Snap's CEO Evan Spiegel said efforts to drive engagement, such as AI-generated collage features and using machine learning for better personalization, are showing early signs of payoffs.
Snap's revenue grew 15% year-on-year to $1.37 billion, slightly beating analyst estimates of $1.36 billion. The growth has been driven by new AI features and paid subscriptions.
The social media platform grew its daily active users by 11 million in Q3, marking a 9% increase year-on-year, which is crucial as this typically translates to more advertising revenue.
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