Snap Inc on Tuesday beat Wall Street estimates for quarterly revenue and user growth for its Snapchat app, as more people seek entertainment while they stay at home during the global coronavirus pandemic.
) on Tuesday beat Wall Street estimates for quarterly revenue and user growth for its Snapchat app, as more people seek entertainment while they stay at home during the global coronavirus pandemic.
Snapchat, known for its disappearing messages, said it saw a jump in usage in the last week of March compared with the end of January, as people increasingly used the app to communicate with friends and family. Usage also increased for Snapchat’s original content and in-app games.Revenue rose 44% in the quarter, but the company’s net loss decreased only slightly as Snap said it continues to invest heavily in features like augmented reality technology.
DAU, a widely watched metric by investors and advertisers, beat analysts’ average estimate of 224.68 million, according to Refinitiv data. So-called “direct response” advertisers, or those seeking to increase sales through their ads rather than name recognition, were a bright spot, said Evan Spiegel, chief executive of Snap, in prepared remarks.Snap said it would not provide its usual guidance for the next quarter, given the uncertainty caused by the coronavirus.
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