Snapchat just grew for the first time in a year

Is it too soon to call this a turnaround? 

Snap just reported its results for the first quarter of 2019 and delivered investors some long overdue good news: Snapchat added new users for the first time in a year.

The app now counts 190 million daily active users (DAUs), up from 186 million last quarter. Overall, DAUs are still down from its previous peak of 191 million, but the new growth suggests the company has been able to reverse the momentum caused by an unpopular redesign last year.

Snap also delivered better than expected financial results, with $320 million in revenue, up 39 percent from the same time last year. 

CEO Evan Spiegel said Snap’s ad business is now more effective at reaching young people in the United States than longtime rival Instagram. “As of March, our ads can now reach more 13-34 year-olds than Instagram in the United States,” he said in prepared remarks.

He also noted that Snap has finally rolled out its long awaited Android app redesign, which company executives have said will help it grow faster outside of the United States. He also called out Snachat’s new gaming platform and other recently-announced updates meant to help it compete with Facebook. 

This story is developing…