Snap Inc. (NYSE: SNAP) announced Tuesday financial results for the quarter ended March 31, 2020. The Company indicates that revenue increased 44% to $462 million in Q1 2020, compared to the prior year. And net loss improved $4 million to $(306) million in Q1 2020, compared to the prior year. Shares of the Company increased about 22% after the report.
As for Daily Active User (DAU) growth, it has accelerated to 20% year-over-year and Snap saw increased engagement across key metrics:
- DAUs were 229 million in Q1 2020, an increase of 39 million or 20% year-over-year.
- DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
- DAUs increased sequentially and year-over-year on each of iOS and Android platforms.
- On average, more than 4 billion Snaps were created each day in Q1 2020.
Snap published over 700 Discover editions featuring up-to-the-minute coverage on COVID-19 from our content partners, our in-house news teams, and agencies like the CDC and WHO. Other statistics published by Snap include the total daily time spent by Snapchatters watching Discover content increased by over 35% year-over-year in Q1 2020.
“We are grateful for the opportunity to serve our community and partners during this difficult time,” said Evan Spiegel, CEO. “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.”