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Snapchat nears 1 billion monthly users, but the Santa Monica company still loses money and stock has plummeted since 2021.

The company has seen growth in developing countries, but usage declined in valuable U.S. and European markets.

The company is investing in augmented reality glasses, which are expected to launch in 2026, as it competes against larger tech rivals.

Snapchat, an app whose disappearing messages and silly face filters made chatting with loved ones more casual, is close to a milestone that few social media platforms achieve: reaching 1 billion monthly users.

But Snap , the Santa Monica company behind the app, faces a crucial test. The 14-year-old tech company is

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