For the second quarter of 2020, Snap reported better than expected revenue growth. But its user base did not reach previous company projections.
The company’s revenue grew to $454 million, a 17% increase year over year for the same quarter. Snap CEO Evan Spiegel chocked that success up to “high levels of engagement on our service [that] are backed by years of investment in our self-serve advertising platform” and touted the company’s direct-response ad business and ecommerce efforts.
The company attracted 9 million new users, bringing the platform to a total of 238 million total daily active users, narrowly missing its quarterly goal of 239 million.
“While our revenue growth rate continues to be impacted by ongoing market disruptions, the fundamentals of our business are strong, and the high levels of engagement on our service are backed by years of investment in our self-serve advertising platform, which is helping our partners achieve success...
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