Snap's earnings show growth despite competition from Facebook, TikTok

mood · Oct 23, 2019

Snap's earnings show growth despite competition from Facebook, TikTok
The ephemeral-messaging app now has 210 million daily active users
October 22, 2019
https://www.cnet.com/news/snaps-earnings-show-growth-despite-competition-from-facebook-tiktok/

Snap appears to be making a comeback, attracting new users after it announced a new version of its augmented reality sunglasses. The parent company of ephemeral-messaging app Snapchat said Tuesday that it had 210 million daily active users, an increase from the 203 million daily active users the company reported in the second quarter.

In October, Instagram took another page out of Snapchat's playbook when it launched a camera-first standalone app called Threads for messaging close friends.
The competition with Facebook properties has prompted Snap to keep an eye on the social network's "hardball tactics."

But analysts say Facebook isn't the only competitor Snap has to worry about, pointing to the growth of short-form video app TikTok.

"Competition from upstart social platform TikTok is still looming, however, and it could lead to lower engagement for Snapchat in the future, because both platforms target the youth audience," said eMarketer Principal Analyst Debra Aho Williamson in a statement.
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Engadget: Snap continues to add new users

mood · Jul 22, 2020

Snap grows its daily user base and keeps advertiser money coming in, even during the pandemic
But what does the rest of the year bring?
July 21, 2020
https://www.theverge.com/2020/7/21/21333263/snap-earnings-pandemic-covid-19-daily-active-users

The pandemic hasn’t been too terrible for Snap. The company behind Snapchat announced its second quarter earnings today, detailing how its business has fared during the COVID-19 outbreak around the world. Its user base is up by 9 million people daily over last quarter, and its revenue is up 17 percent year over year, at $454 million.

Snap is positioning the growth as a win, especially given that advertiser budgets are shrinking amid a global economic downturn.

“The economic environment has become challenging for many of our advertising partners and this has had an impact on the rate of growth in our business,” says Derek Andersen, Snap CFO, in prepared remarks.
Year-over-year growth in January and February was approximately 58 percent, he says, before declining to approximately 25 percent in March. He went on to say the high growth early in the year suggests that, under normal market conditions, Snap could thrive.
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The company says users check Snapchat an average of over 30 times per day, and CEO Evan Spiegel says in his prepared remarks that the team has seen an increase in “group activities,” like games, calls, and chats.
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Snap's earnings show growth despite competition from Facebook, TikTok

mood Updates Team

mood Updates Team