Snap reporting strong growth outside the US
Snap Inc, the owner of messaging service Snapchat, reported strong user growth. Daily active users was up 22% year-on-year to 280 million during the first quarter which exceeded analysts’ expectations.
Most of the user growth – up 57% from first quarter 2020 – was from from outside North America.
Revenue grew 66% to USD 770 million in the first quarter. Net loss was USD 286.9 million, or 19 cents per share, from USD 305.9 million, or 21 cents per share, a year earlier.
The company forecast second-quarter daily active users to grow 22% to 290 million, and revenue to be between USD 820 million to USD 840 million.
The company has invested in augmented reality technology and recently bought German company Fit Analytics that brands can add to their online offers and be used by buyers to fin the right size.
“Augmented reality remains one of our biggest opportunities as we look to the future,” said Snap Chief Executive Evan Spiegel, in a statement.
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