Snap released its financial results for the first quarter of 2022 and said that is growing faster than its North American competitors Target and Twitter.

Meta reported its first loss in daily active users in the latest quarter, while Twitter’s monetizable daily active users grew 2% in the US and 15% internationally.

Snap, the parent company of Snapchat grew its daily active users 18% year over year to 332 million, but over the previous five quarters, user growth outpaced twenty %. But Snap is more concerned about its revenue, even though it’s up a 38% year after year to $1.06 billion . The company said it was on track to achieve growth of 44% since the first quarter of 2021, but noted that after Russia invaded Ukraine on February 24, many advertisers took a break from their campaigns.

Derek Andersen, Snap’s CFO said most advertisers resumed their campaigns within 10 days, but the interruption still had a negative impact on the company’s quarterly revenue.

“We believe that the impact of the war in Ukraine on input costs, marketing budgets and global economic competition has been significant, and that its impact is difficult to predict in the future. “, said Derek Andersen, Snap’s CFO .

The company missed its revenue targets for the third quarter of 2021, citing as caused by Apple’s major iOS privacy change. Once iOS users were presented with the option to opt out of out-of-app tracking, most users opted not to provide personal data to the apps they use, hurting Snapchat and Facebook’s ad business.

As far as the product itself is concerned, Snap is strongly committed to augmented reality experiences. The company said that 250 million Snapchatters are engaged in AR functions on a daily basis, which constitutes a considerable part of their total 332 million DAUs. This quarter, Snap released updates to Augmented Reality shopping as well as community-generated AR experiences for local landmarks.


Please enter your comment!
Please enter your name here