Spiegel bullish on Snap rise as lockdowns lift - Mobile World Live

Spiegel bullish on Snap rise as lockdowns lift

23 APR 2021

Snap CEO Evan Spiegel (pictured) expressed confidence the easing of global Covid-19 (coronavirus)-related lockdown measures will boost user engagement on messaging platform Snapchat as the company revealed Q1 figures.

In a statement, Spiegel explained his optimism was founded on a recent increase in the number of Stories being posted to Snapchat, along with use of the app’s mapping functionality following the reopening of facilities in the US.

The company also noted an increase in new connections made within the app, as people appeared to have expanded their social circles.

“We designed Snapchat to be a useful complement to real-life friendships, and are excited about these optimistic trends developing with our audience”, Spiegel said.

Figures
Snap recorded a 66 per cent year-on-year rise in revenue to $770 million in Q1, with a net loss of $287 million some 6 per cent lower.

Daily active users increased 22 per cent to 280 million, mainly due to uptake outside North America.

The company predicted Q2 revenue would be between $820 million and $840 million, 80 per cent to 85 per cent higher than the same period in 2020.

But it again cautioned an upcoming change to privacy features in iOS posed a risk to future advertising income.

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Yanitsa Boyadzhieva

Yanitsa joins Mobile World Live as a Reporter based in London. She has more than 5 years’ experience at various media outlets in her home country Bulgaria. She started her career as a political reporter, followed by taking editor roles...

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