Wednesday, April 22, 2020

Snap Sees Increase In Active Users, Revenue Increase

Santa Monica-based Snap, the parent company of Snapchat, reported its first quarter 2020 financials on Tuesday afternoon, saying that it has seen an increase in both its daily active users and revenues. The company attributed that growth in part to the increased need by people to connect with their friends and family while stuck at home during the COVID-19 pandemic. That increase--20% year over year Daily Active Users to 229 million--also resulted in a first quarter revenue increase of 44% year-over-year, to $462M. Despite the increase in usage and revenues, Snap still reported a net loss of $306M in Q1 2020.