Report: Snapchat tops Twitter in daily users

The popular messaging app Snapchat has reportedly crossed an important milestone.

According to Bloomberg, Snapchat now boasts more daily active users than Twitter. More than 150 million people use Snapchat every day. Using estimates from analysts, the report says Twitter hosts 140 million daily users.

Twitter only shares monthly active users when reporting figures for its quarterly earnings results. During the first quarter, Twitter reported 310 million monthly active users.

The boost to daily users arrives as Snapchat's valuation continues to surge. According to a filing with the Securities and Exchange Commission, Snapchat completed a $1.8 billion funding round. A recent report claims Snapchat is valued at $20 billion.

During an interview at The Code Conference, Twitter CEO Jack Dorsey praised Snapchat for its modern design and focus on touch screens. "It's where the experience is going," he said.

As for Twitter, the social media service continues to battle flat user growth and a declining stock price. Since the start of the year, Twitter shares are down 33%.

Follow Brett Molina on Twitter: @brettmolina23.