Snapchat Users Soar

Snapchat added over 11 million new users during the first quarter of 2020. With millions of people stuck at home, Snapchat has gained more users than ever.

Snapchat now has 229 million daily active users, up 20% from 2019.

Facebook and Twitter warned Covid-19 would affect ad revenue for the first quarter, Snapchat’s revenue grew to $462 million, up 44 percent from last year.

“While many advertising budgets declined due to COVID-19, we experienced high revenue growth rates in the first two months of the quarter which offset our lower growth in March,” Spiegel said.

The stock (NYSE: SNAP) saw a 31% increase in price on Wednesday.

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