Snapchat’s parent company Snap posts 50% y-o-y increase in revenue to $446 million

Snapchat’s parent company Snap posts 50% y-o-y increase in revenue to $446 million

by exchange4media Staff
Published - Oct 23, 2019 1:03 PM Updated: Oct 23, 2019 1:03 PM
snapchat

Snapchat’s parent company Snap has posted a healthy third-quarter earnings. The company reported a 50% year-over-year increase in revenue to $446 million. Average revenue per user was $2.12 in Q3, an increase of 33% year-over-year and 11% sequentially.

The increase in revenue came with a 13% year-over-year increase of daily active users to 210m.

Speaking at the earnings call, Evan Spiegel, Chief Executive Officer and Co-Founder, said, “Time spent and viewership on our content platform continue to grow rapidly, with more than 100 Discover channels reaching a monthly audience of over 10 million viewers in Q3 and total time spent by Snapchatters watching Discover increasing 40% year-over-year.”

“Looking out over the long term, the next 7 to 10 years, we will work toward realizing our vision of computing overlaid on the world through wearable augmented reality (AR). We took an important step forward toward an augmented reality future this quarter with the release of Spectacles 3, our new camera glasses. Spectacles 3 have 2 cameras that allow users to capture depth in their Snaps and relive their experiences from their perspective in 3D,” Spiegel said.

Adding, Chief Business Officer Jeremi Gorman said, “The broad adoption of AR will lead advertisers to grow their investment in our platform as we continue to create engaging new experiences for Snapchatters and reach incremental customers. Driving ROI is the best way to retain advertisers, and we are ensuring that advertisers can optimize their campaigns for the most impactful business outcomes. We are focused on improving advertiser ROI by investing in relevance, optimization and measurement.

Total ad impressions for the quarter were up 121% year-over-year, driven mainly by growth in Snap Ads, Snap said.

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