Snapchat has reported its highest revenue and user growth in four years, a year after social media companies were given a boost during pandemic lockdowns.
The media company reported revenue up 116% year-over-year to US$982 million. Average revenue per user increased 76% year-over-year to US$3.35 in the quarter.
Daily active users grew 23% year-over-year to 293 million, up 13 million from the previous quarter.
“Our second quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” says CEO Evan Spiegel.
“We are pleased by the progress our team is making with the development of our augmented reality platform, and we are energized by the many opportunities to grow our community and business around the world.”
Looking ahead to quarter three, Snap estimated daily active users will grow approximately 21% year-over-year to hit 301 million in the third quarter.
“On the monetization side, we note that the comparisons will be more challenging in the second half as we begin to lap the acceleration in top line growth that we experienced in the prior year,” says chief financial officer Derek Andersen.
“Our guidance range is for year-over-year revenue growth of approximately 58 to 60 percent in Q3.”
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at firstname.lastname@example.org