Snapchat’s daily active users (DAUs) increased by 18 percent to 332 million in its most recent quarterly report, making it the fastest-growing social media platform behind Facebook and Twitter (year-over-year). While Facebook (now Meta) had its first decline in DAUs last quarter, the number of DAUs that can monetize Twitter increased just 2% in the US and 15% internationally.
For the quarter ending March 31, 2022, Snap (parent company of Snapchat) increased revenue by 38 percent year over year to $1.06 billion. “Despite a tough business climate, our first-quarter results demonstrate underlying growth in our company,” stated Evan Spiegel, CEO. “We’re still focused on providing value to our growing community, delivering ROI to our ad partners, and investing against our massive cash reserves and their huge opportunities in augmented reality,” he said late Thursday.
Since the first quarter of 2021, the corporation has predicted a 44 percent increase in revenue. The Russian invasion of Ukraine, on the other hand, has hurt the company’s ad income. During the earnings call, Snap CFO Derek Andersen said, “We think the impact of the war in Ukraine on input costs, marketing expenditures, and overall economic competence has been significant, and it is impossible to forecast its impact on a forward-looking basis.”
This year, the parent company of Snapchat has risen more than 50%, more than double Facebook’s almost 20% increase. The disparity has widened in recent months, with Snap climbing roughly 2% as investors believe that its forthcoming reports would show another quarter of strong growth. Over the same period, Facebook’s stock has dropped more than 10%, as the company struggles to cope with poisonous content on its platforms and the potential of tougher regulation.
Every day, more than 250 million Snapchatters engage with Augmented Reality (AR), according to the business. “Total daily time spent on programmes and material from publishers by Snapchatters aged 25 and older has climbed by more than 25% year over year,” it noted.
