Instagram now has 800 million monthly and 500 million daily active users

Instagram has added 100 million monthly active users over the past five months: The Facebook-owned photo sharing platform revealed at Adweek in New York Monday that it now has 800 million monthly active users.

Instagram announced the 700 million monthly active user milestone in August.

Both milestones are bad news for Snapchat, which has been struggling to meet Wall Street's expectations on user growth. The Instagram rival ended its second quarter with 173 million daily active users, up from 161 million half a year earlier.

More impressive than Instagram's sheer size, though, is how quickly it's still growing.

The company also said that time spent by users viewing video on Instagram is up over 80 percent year over year.

Instagram is also performing very well in terms of ad revenue. The company said it doubled the amount of advertisers on its platform over the past six months, bringing its total to over 2 million.

Facebook Inc shares were trading at $164.51 per share on Monday morning, down $6.03 (-3.54%). Year-to-date, FB has gained 42.99%, versus a 12.71% rise in the benchmark S&P 500 index during the same period.

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