Snap more than doubled its revenue in Q3, driven by increased user engagement and advertising gains.
In its results statement, Snap said revenue hit $679 million, up 52 per cent year-on-year, contributing to a $27 million reduction in net loss to $200 million.
CEO Evan Spiegel said Snap’s “focus on delivering value for our community and advertising partners is yielding positive results during this challenging time”.
He explained its advertising revenue was aided by faster-than-expected “adoption of AR”, with Snap working “to execute on the many opportunities in front of us”.
Advertisers used Snap’s AR platform to deliver “virtual try-on experiences” to users, the company stated.
Daily active users hit 249 million, up 18 per cent, and content created by them in the form of Snaps grew by 25 per cent on average.
There was more than 50 per cent growth in time spent on the platform’s Shows each day and users created more than 1.5 million pieces of content using its AR feature Lens.
The compandy didn’t offer an outlook for the current quarter, citing “uncertainties” related to Covid-19 (coronavirus) “and the rapidly shifting macro conditions”.Subscribe to our daily newsletter Back