Look out! Snapchat’s developer Snap just posted their quarterly earnings – it’s really strong. This has pushed their share price 24% higher within just one day!
Wow that’s a lot! How strong are these?
Snap beat Wall Street’s projections on almost all fronts, with the highest growth rates since 2017. Say Yay! 🥳
- Thanks to the ads! Snap’s revenue jumped 116%, as advertisement picked up amid economic recovery.
- Daily active users also rose 23%, their best ever.
Apple is not a big threat to us 🍎 Remember Apple’s iOS 14.5 update blocking third-party apps tracking? Snap said it was not impacted, as fewer-than-expected users upgraded to the new version + many Snap users allow them to track.
Can Snap keep it up?There are some good signs. Snap’s augmented reality (AR) tool – which can help companies promote virtually – is getting popular now.
- A case study: Nike ran a campaign with Snap’s AR – we can see how we look with Nike clothes virtually in Snapchat! This generated 600 mln impressions within just 2 weeks.
A good day for big tech! 📈 Snap closed 24% up, its highest price ever. This news has also boosted other tech giants, on a strong ad market. Twitter gained 3%, and Facebook gained 5%.