Social Media Summer Ad Spend Shifted To Snap

Snap posted massive revenue gains and increased its user base to 249 million amid a tough Q3 for Facebook and TikTok

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For the third quarter of 2020, Snap posted impressive gains in its user base and revenue, beating internal expectations after six months of quarantine in the United States.

The social media company saw 249 million daily active users, up 18% from 210 million the same time last year. Snap also generated $679 million in revenue, a 52% increase over Q3 2019.

Snap attracted 11 million new daily users since last quarter and $225 million in additional revenue. 

In prepared remarks, CEO Evan Spiegel attributed Snap’s revenue gains to “the substantial value we drive to both direct response and brand advertisers during this continued period of uncertainty.”



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