Snap grows its daily user base and keeps advertiser money coming in, even during the pandemic
The pandemic hasn’t been too terrible for Snap. The company behind Snapchat announced its second quarter earnings today, detailing how its business has fared during the COVID-19 outbreak around the world. Its user base is up by 9 million people daily over last quarter, and its revenue is up 17 percent year over year, at $454 million. Snap is positioning the growth as a win, especially given that advertiser budgets are shrinking amid a global economic downturn.
“The economic environment has become challenging for many of our advertising partners and this has had an impact on the rate of growth in our business,” says Derek Andersen, Snap CFO, in prepared remarks. The pandemic took an obvious hit on the company’s business. Year-over-year...