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		</div><p>Snapchat&#8217;s parent company Snap Inc has reported a net loss of more than $2.2bn in the company&#8217;s first ever earnings report.</p>
<p>The loss was higher than some analysts predicted, and follows a steady drop in the company&#8217;s share price amid pressure from rivals, including Facebook.</p>
<p>Snapchat floated on the US stock market in March and in early trading saw its valuation rise above £25bn<br />
.<br />
Share prices and the company&#8217;s value are likely to drop in the wake of the results.</p>
<p>However, the photo sharing app was able to report an increase in the number of daily active users &#8211; who grew from 158 million at the start of the year to 166 million today.</p>
<p>It is also an increase of 36% on the 122 million daily users the app had this time last year.</p>
<p>Snapchat has come under intense pressure from Facebook in recent months, with the social media giant adding several Snapchat-like features to its own network, which includes Messenger, Instagram and WhatsApp.</p>
<p>Confidence in Snapchat was also dented last month when Instagram revealed its Stories feature &#8211; similar to Snapchat&#8217;s Story &#8211; had surpassed 200 million daily users, well ahead of Snapchat.</p>
<p>Earlier this week, Snapchat announced it would allow users to send images and video without time limits for the first time, expanding one of the app&#8217;s signature features in what is seen as an attempted fightback against Facebook.</p>
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