Snapchat saw its stock up nearly 20 percent from last year along with Snapchat’s user base hits 229 million and revenue zooms up 44% which is nearly $462 million. Users added daily all over the world on all the platforms On average, they created more than 4 billion Snaps each day in Q1 2020.
“We are grateful for the opportunity to serve our community and partners during this difficult time,” Snapchat CEO Evan Spiegel said in a statement.
“Snapchat is helping people stay close to their friends and family while they are separated physically, and I am proud of our team for overcoming the many challenges of working from home during this time while we continue to grow our business and support those who are impacted by COVID-19,’ he added.
Total daily time spent by Snapchatters watching Discover content increased by over 35 percent year-over-year in Q1 2020.
“Total daily time spent by Snapchatters watching Shows more than doubled compared to Q1 2019. In Q1 2020, over 60 Shows reached a monthly audience of over 10 million viewers” the company informed.
The company said it will continue to invest in its camera and augmented reality platforms.
“Over 75 percent of our daily active users engage with augmented reality every day on average. At the end of Q1 2020, over 900,000 Lenses had been created by our community through Lens Studio. They are up from over 700,000 at the end of Q4 2019,” informed Snap.
The company said that given the uncertainties related to the ongoing COVID-19 pandemic and the rapidly shifting macro conditions. Also, it will not provide expectations for revenue for the second quarter of 2020. Snapchat’s user base hits 229 million revenue zooms up 44% in the first quarter.