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Snapchat's growth as the preferred social platform for teenagers continues to outpace other social platforms, and it's cutting into Facebook usage.
According to investment firm Piper Jaffray's new "Taking Stock With Teens" report, 80 percent of teens use Snapchat at least once a month, up from 74 percent in the fall of 2015. While 79 percent of teenagers said that they use Instagram once a month—an increase from 76 percent one year ago—the photo-sharing app's reach is slightly less than Snapchat.