Snapchat Added 11M ‘Daily Active Users’ in Q1 After Pandemic’s Onset
As the global pandemic hit, Snapchat added 11 million “daily active users” in Q1 for a total of 229 million, up 5% sequentially and 20% increase from Q1 2019, said Snap CEO Evan Spiegel on a Tuesday investor call. "We…
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experienced high revenue growth rates in the first two months of the quarter, which offset our lower growth in March." It’s difficult to predict the “near-term impact of this unprecedented complex and global pandemic on our business,” said Spiegel. “Long-term indicators” are positive, he said: Financial recovery “may be very fast for some businesses and much slower for others.” The stock soared 36.7% higher Wednesday, closing at $17.01.