Snap Inc posted some strong numbers in its second quarter earnings for this year, courtesy of the pandemic, but it didn’t last all that long…
The global pandemic has had a curious effect in many different ways. It’s been credited for streaming’s enormous popularity and even for driving down the number of robocalls. And, it appears it has also had a positive impact on Snapchat. In fact, in the last quarter, Snap Inc managed to attract 9 million new Snapchat users. However, the news isn’t all good.
Snap Gains 9 Million New Users in Q2 2020
The digital corporation states it did add millions of new users, although that 9 million fell well short of its predicted 239 million. That’s right, it grew by just 0.0376 percent of its forecast. But, that did bring its earnings up to approximately $454 million. While this is certainly a good thing overall, CEO Evan Spiegel is hopeful for the future of its augmented reality technology:
“We continue to see increasing engagement with our camera, and the number of Snaps created every day grew at double the pace of our daily active user growth over the past year, making Snapchat one of the world’s most-used cameras. We’re especially excited to see that the adoption of our AR platform is also accelerating, with the number of people playing with Lenses every day growing by 37 percent year-over-year.”
Snapchat also saw a strong gain in user engagement. Plus, it apparently hasn’t been significantly affected by the ad-buy boycott that’s having a damaging impact on Facebook.