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Snapchat Daily Users Jump 20% in Q1, Sending Snap Stock Price Soaring – Variety

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Snapchat gained 11 million new day by day customers throughout the first quarter of 2020, amid the worldwide coronavirus pandemic, whereas Snap beat Wall Road expectations for income.

Snap stated Snapchat’s DAUs had been 229 million in Q1 2020, a rise of 39 million or 20% year-over-year. Complete day by day time spent by Snapchat customers watching Uncover content material elevated by over 35% year-over-year within the quarter, in line with the corporate.

In after-hours buying and selling, Snap’s inventory shot up greater than 17% on the outcomes.

The corporate stated whereas it noticed greater engagement within the last weeks of the quarter, that didn’t have a lot influence on Q1 DAU outcomes as that metric is calculated utilizing a day by day common over the course of the total quarter.

Wall Road analysts on common anticipated Snap to report income of $431.four million and a internet lack of 7 cents per share for the interval.

“We’re grateful for the chance to serve our neighborhood and companions throughout this tough time,” Snap CEO Evan Spiegel stated in saying the outcomes. “Snapchat helps folks keep near their family and friends whereas they’re separated bodily, and I’m pleased with our group for overcoming the various challenges of working from dwelling throughout this time whereas we proceed to develop our enterprise and assist those that are impacted by COVID-19.”

 

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