Snapchat beats revenue expectations during pandemic

Mariam Cheik-Hussein
By Mariam Cheik-Hussein | 22 April 2020

Snapchat has been given a boost amid the coronavirus pandemic, reporting better-than-expected revenue for the first quarter of 2020.

The social media company says communication on its app was up by more than 30% in the last week of March compared to the last week of January, as people entertained themselves and connected with friends while stuck at home.

The company added 11 million new users in the first three months of the year, bringing its total daily active users to 229 million.
This surge gives Snapchat its highest DAU (Daily Active Users) base to date.

Snapchat also defied many analysts expectations that its advertising revenue would take a hit as brands pulled back during the pandemic.

It reported a revenue increase of 44% to US$462 million in Q1, compared to the year prior.

 

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