Skip links
Snapchat reporting growth

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.

Moonshot News is an independent European news website for all IT, Media and Advertising professionals, powered by women and with a focus on driving the narrative for diversity, inclusion and gender equality in the industry.

Our mission is to provide top and unbiased information for all professionals and to make sure that women get their fair share of voice in the news and in the spotlight!

We produce original content, news articles, a curated calendar of industry events and a database of women IT, Media and Advertising associations.

    Do you want an experienced opinion on a job issue?
    Moonshot Manager is here to answer!

      Moonshot community sharing thoughts and ideas, in a anonymous, safe environment.