Snap revenue increases 66% to $770 million in Q1 2021
Snap said that its daily active users (DAUs) were 280 million in Q1 2021, an increase of 51 million, or 22%, year-over-year
Snap Inc. today announced financial results for the quarter ended March 31, 2021. The company's revenue increased 66% to $770 million in Q1 2021, compared to the prior year.
Net loss and Adjusted EBITDA were $287 million and $2 million in Q1 2021, respectively, compared to $306 million and $81 million in the prior year, respectively.
Operating cash flow improved by $131 million to $137 million in Q1 2021, compared to the prior year. Free Cash Flow improved by $131 million year-over-year to reach $126 million in Q1 2021, marking our first quarter of positive Free Cash Flow as a public company.
“We began 2021 by achieving our highest year-over-year revenue and daily active user growth rates in over three years during the quarter, and delivering positive Free Cash Flow for the first time in Snap’s history as a public company,” said Snap CEO Evan Spiegel. “The strength of our business underscores our relentless focus on product innovation and is a testament to our team’s ability to execute well together over the long term.”
Snap said that its daily active users (DAUs) were 280 million in Q1 2021, an increase of 51 million, or 22%, year-over-year. DAUs increased sequentially and year-over-year in each of North America, Europe, and the Rest of World. For the first time, the majority of DAUs for the quarter were on the Android version of the application.
In March, over 125 million Snapchatters used Spotlight, which is billed as a rival to TikTok. During the quarter, Spotlight was launched in three new countries--India, Mexico, and Brazil--making it live in a total of 14 countries.
Snap launched a record 321 new channels in Q1 2021 with over 150 partners from 12 countries. It also launched its first local market Snap Original, “Phone Swap”, in India. The number of Snapchatters engaging daily with our augmented reality Lenses grew more than 40% year-over-year in Q1 2021.
The social media company also partnered with Samsung, which will feature popular Snapchat Lenses in the native camera application on select new smartphones. It also launched the largest Camera Kit integration to date with Moj, a leading short-video platform in India, giving Moj creators access to Snapchat’s Lens Carousel directly inside the Moj app.
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