Snap Inc. Reports Increase in Users and Revenue During Q1 2020

More than four billion snaps were sent on average per day.

By
Tech 
1,612 Hypes 2 Comments

Snap Inc., the company behind Snapchat, Spectacles and Bitmoji, has reported a strong Q1 2020 growth in revenue and app usage.

As Axios reports, Snap’s stock price grew by 20 percent after it posted its Q1 results. Analysts estimated it would secure $431 million USD in revenue, but exceeded this target with a total of $462 million USD. This was partly achieved thanks to a 20 percent increase in users, up by 39 million from the same time last year to a total of 229 million daily active users.

Because Snap Inc.’s apps are ad-supported, and more people are spending time at home due to the current coronavirus pandemic, the company saw that more than four billion snaps were sent on average each day and that the total time spent watching Discover content increased by 35 percent year-over-year.

The company secured $2.02 USD of revenue on average per user, up by 20 percent year-over-year, too. Despite its impressive Q1 2020 revenue results, Snap Inc. did not reach its estimated earnings, taking an $0.08 USD loss per share compared to the $0.07 USD that was expected.

Snap Inc.’s Q1 2020 results are considerably stronger than its underachieving Q4 2019 results, which saw the company’s stocks drop.

In other news, Kering has announced it saw a 15.4 percent decrease in revenue in Q1 2020.

Read Full Article

What to Read Next

OTH and Paul 107 Craft Water-Repellent, 20 oz. Duck Canvas Vans Authentic LX
Footwear

OTH and Paul 107 Craft Water-Repellent, 20 oz. Duck Canvas Vans Authentic LX

Only 107 pairs of the “True White” sneaker will drop.

Here are the Most Transparent Fashion Brands of 2020
Fashion 

Here are the Most Transparent Fashion Brands of 2020

With names like H&M, adidas, and Patagonia taking the top spots.

Burberry Launches "ReBurberry" Edit of Sustainable SS20 Pieces
Fashion

Burberry Launches "ReBurberry" Edit of Sustainable SS20 Pieces

Each item will also feature an all-new sustainable label.


Kering Reports 15.4% Revenue Decrease in Q1 2020 Due to COVID-19
Fashion 

Kering Reports 15.4% Revenue Decrease in Q1 2020 Due to COVID-19

Gucci was at a particular loss, while Bottega Veneta grew.

Vans Embraces Retro Designs With Lush Suede OG Lampin LX
Footwear

Vans Embraces Retro Designs With Lush Suede OG Lampin LX

Coming in “Sodalite Blue/Deep Jungle” and “Asphalt Black.”

WWW.WILLSHOTT Craft Slim Pearl and Silver Necklaces
Fashion

WWW.WILLSHOTT Craft Slim Pearl and Silver Necklaces

Tweaking traditional silhouettes with asymmetrical designs.

More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Help us serve you better

We appreciate your support in allowing HYPEBEAST ads, where we can share contents from the latest fashion, to those culturally relevant. In adding HYPEBEAST to your ad blocker's whitelist, ads on our sites will show while you continue to browse.

Help Support Us

We need ads to keep the lights on and to continue providing free news to our readers. We’d appreciate your support by whitelisting HYPEBEAST on your ad blocker. That way you can keep reading all the great stories for free.

If you have already whitelisted us, simply refresh this page. To find out how to whitelist us, click the button below.

Back

Add Us to Whitelist

We appreciate your support in allowing HYPEBEAST ads. Most ad blockers have similar whitelisting steps and settings. If you need assistance, please contact us.

Adblock Plus

  1. Click on the red ABP icon in the upper right corner of your browser.
  2. Click “Enabled on this site” to disable ad blocking for the current site. In Firefox click “disable on HYPEBEAST”.
  3. Refresh the HYPEBEAST page that you were viewing.

Adblock

  1. Click the AdBlock hand icon.
  2. Click “Don’t run on pages on this domain”.
  3. A new “Don’t run AdBlock on…” dialog may be displayed in the middle of the screen.
  4. Move the “Site” slider to the right. After that, click “Exclude”.
  5. Refresh the HYPEBEAST page that you were viewing.

uBlock

  1. Click the uBlock icon.
  2. Click the large blue “power” button in the menu that appears to whitelist the current website.
  3. Reload the HYPEBEAST page that you were viewing.

Firefox Browser

Firefox Tracking Protection may activate our whitelist notice, which can be disabled temporarily for a browsing session by clicking the shield icon in the URL bar and following the instructions.

Disconnect

  1. Click the Disconnect icon.
  2. Click “Whitelist site”.
  3. Refresh the HYPEBEAST page that you were viewing.