Snapchat has the highest user growth in recent years, according to its latest income statement… The number of daily active users increased to 293 million, up 23 percent from last year. This is the best Snap Inc has ever seen; it surpasses the company’s previous record of 22 percent, four years ago. That number even surpasses Twitter, which recently reported 206 million daily users in the second quarter.
Total revenue also increased an impressive 116 percent to $ 982 million, the highest growth to date. It’s faster than Twitter and Facebook, at least for now.
The company also said that Spotlight, a TikTok-like feature that pays users for clips, has grown in popularity. Spotlight’s daily active users grew 49 percent, and the average daily content submission more than tripled.
Much of this growth can be attributed to the end of the blockade of the pandemic, as well as to a significantly improved Android app. In a previous income statement, CEO Evan Spiegel said that “as the situation in the United States began to open up at the end of February, we saw tipping points in key behaviors such as posting stories and engaging with the Snap Map.”
In addition, Spiegel hopes that the development of the app’s augmented reality platform will further increase engagement. “We are pleased with the progress our team is making in developing our augmented reality platform, and we are encouraged by the many opportunities to grow our community and business around the world,” he said.
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