Snapchat is enjoying its highest user growth in many years, according to the latest earnings report. The big news is that daily active users have increased to 293 million, which is a 23 percent growth from this same time last year. This tops the company’s prior best of 22 percent, which happened four years ago. It also tops Twitter’s, which recently reported 206 million daily users in the second quarter. So it is big news indeed.
Overall revenue also increased by 116 percent to $982 million, which is its strongest growth rate. That’s also faster than Twitter and Facebook. Snap also said that Spotlight, its TikTok-like feature that pays users for clips, has grown in popularity. Daily active users of Spotlight also grew. By 49 percent, and average daily content submissions have more than tripled as well.
A lot of this growth is due to pandemic lockdowns ending, and an improved Android app. In a prior earnings statement, CEO Evan Spiegel said that “as things began to open up in the United States in late February, we saw inflection points in key behaviors like Story posting and engagement with the Snap Map.” Though, the recent reported surge of COVID-19 cases may make it an uncertain third quarter.
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