Snap has not been exempt from the havoc COVID-19 has wreaked on the economy. However, the company’s first quarter earnings report on Tuesday proved that it might weather the storm just fine.
Snap reported that in the first quarter of 2020, its Daily Active Users (DAUs) reached 229 million, a 20% increase compared to Q1 of 2019. The way people are using the platform has also grown: time spent on Discover has increased 35% in the last year, and people created more than 4 billion snaps each day on average (in 2018, that number was 3 billion).
While Snapchat attributes those numbers, as well as positive statistics about revenue and cash flow to investments in product development, distribution partnerships, and more, Snapchat also said that it has seen increased use numbers in the timeframe and areas most affected by coronavirus. It reported that “communication with friends increased by over 30% in the last week of March compared to the last week of January, with more than a 50% increase in some of the geographies that were most impacted.” Read more…
More about Snapchat, Evan Spiegel, Snap Inc, Coronavirus, and Tech
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