- Snap, the parent company of popular social media site Snapchat, saw its stock rise almost 20 percent as it has 229 million daily active users.
Snap, the parent company of Snapchat’s popular social media site, saw its stock rise almost 20 percent as its first-quarter revenue grew 44 percent (year-over-year) to $462 million, along with the Snapchat daily active users base hitting 229 million, up 20 percent from last year.
DAUs grew sequentially and year-over-year on both the iOS and Android platforms in each of North America, Europe, and the rest of the world. Each day in Q1 2020, more than 4 billion Snaps were made on average.
“We are grateful for the opportunity during this tough period to represent our community and partners,” said Evan Spiegel, CEO of Snapchat, in a statement.
“Snapchat helps people remain close to their friends and family when they’re physically apart, and I’m proud of our team overcoming the many difficulties of working from home during this period, as we continue to expand our company and support those impacted by COVID-19,” he said.
Over 60 Shows reached a monthly audience of over 10 million viewers in Q1 2020, up from 50 Shows in Q4 2019, “told the company.
“Snapchatters’ average regular time viewing shows more than doubled compared to Q1 2019. Over 60 shows hit a monthly audience of over 10 million viewers in Q1 2020, up from 50 shows in Q4 2019,” the company told.
The organization said it will continue to invest in its apps for the camera and virtual reality.
“Over 75 percent of our daily active users interact with Augmented Reality on average every day. By the end of Q1 2020, our group had produced over 900,000 lenses through Lens Studio, up from over 700,000 at the end of Q4 2019,” Snap said.
As people turn to videoconference and live streaming to communicate with friends and family, Snap has seen a 30-fold rise in Snap Camera’s regular downloads, a mobile app that enables users to link all of our Lenses suite to any video service they are using.
Snap also introduced App Stories, which brings its famous stories functionality to third-party software developer-generated applications. Globally, it released five new games, the most in every quarter since its founding.
“In the last week of March, contact with friends increased by more than 30 percent compared to the last week of January, with more than 50 percent of the geographies most affected,” COVID-19 said.
The company said it would not have revenue forecasts for the second quarter of 2020 given the uncertainties related to the continuing COVID-19 pandemic and the rapidly changing macro conditions.