Snapchat's advertising revenue has reached a new high despite stagnation in daily active users, according to the latest company reports. Total advertising revenue reached a new peak of $390m in Q4 2018, up 70.1% from the first quarter of 2018. This contrasts with daily active users, which fell 2.6% over the same period.

Both ad revenue and daily users grew strongly between Q1 2016 and Q4 2017, registering compound quarterly growth rates of 32.7% and 6.3% respectively. However, while daily active users reached a peak of 191 million in the first quarter of 2018, this has since fallen to 186 million.

Snap's ad revenue for 2018 as a whole rose 46.6% year-on-year to top $1bn for the first time, but whether such growth can be maintained remains to be seen. While Snapchat is moving into e-commerce, nearly half of marketers expect to shift their investment away in 2019. The platform is particularly unique for advertisers as paid media is separate from social content and users interact only with a small network of friends.