Snapchat hits 249 mn daily users, sales up 52% in third quarter of 2020

Snapchat saw its daily active user base jump to touch 249 million, from 238 million in last quarter, as the company registered a 52 per cent increase in revenue at $679 million in its third quarter.



The stock of its parent company Snap rose 17.1 per cent after bumper quarter results. Operating cash flow improved by $21 million to $55 million in Q3 compared to the prior year.

“Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time. We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future,” CEO Evan Spiegel said in a statement late on Tuesday.

“The adoption of augmented reality (AR) is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us,” he added.

The average number of Snaps created every day grew 25 per cent year-over-year.

Total daily time spent by Snapchatters watching Shows increased by over 50 per cent year-over-year in its third quarter.

“The daily average number of Snapchatters in India watching Discover content increased by nearly 50 per cent sequentially in Q3 2020,” the company announced.

As of the end of Q3, over 1.5 million Lenses have been created through Lens Studio.

“Our ‘Anime Style’ Lens powered by real time machine learning was engaged with 3 billion times in its first week,” the company informed.

Snap said it helped over one million Snapchatters with voter registration for the 2020 US election through its ‘Register to Vote’ Mini, developed in partnership with Democracy Works.



(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Source link

Leave a Comment

© 2020 Daily Dose of Market and Beyond News