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Snap CEO Evan Spiegel said facilitating coronavirus blockages will increase engagement on his platform as users coordinate more and more social activities as the company gets better first-quarter results.
Snap’s revenue, the parent of Snapchat’s messaging app, rose $ 770 million year-on-year in the first quarter of this year, beating analysts ’expectations of $ 742 million, it said Thursday. The number of active users per day reached 280 million, an increase of 22% year-on-year.
“We are optimistic about the engagement trends we are seeing as the world opens up,” Spiegel said, adding that when restrictions eased in the U.S. in February, the company experienced “turning points” with users posting a short video. ”Stories” about their lives and Snap Map using the function to share where they are and activities.
“Recently, we saw an increase in the rate of Snapchat’s new friendships and two-way communications in late March as people began to socialize in larger groups,” he added.
The company’s good results benefited from delays in privacy changes to Apple’s iOS 14 operating system, which will ban app developers from collecting data about iPhone users without their explicit permission in an update to a new bomb that will hurt the online advertising industry.
The changes were expected to take effect towards the end of last year, but will arrive next week. Snap, which looked at ways to circumvent the rules, said in a report in the Financial Times that it was “not yet clear” what the long-term impact of the changes would be.
The company led revenue growth of between 80% and 85% year-on-year despite changes in the second quarter, albeit from a lower base, after Snap’s advertising customers squeezed in the second quarter of 2020.
After a tumultuous 2019, Snap has been successful in investing in upgrades to its products and paying for offers to advertisers. In March, Spiegel said at a conference that previous companies predicted multiple years of revenue growth of at least 50 percent as a fundamental basis for the growth in the number of users or commitments.
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