Snapchat just rolled out its latest earnings report and it’s safe to say the social media app is doing great.
The company boasted a growth in revenue and users as it tried to better its performance for revenue generated through advertising.
While the costs also keep on rising, there is no mention of the latest lineup of products. This includes the advanced series for its Spectacles Glasses. Perhaps it might be keeping that undercover for now, hoping for a grand unveiling during the Partner Summit that’s set to rise next month.
For starters, Snapchat boasted 10 million more daily active users during this time, taking the count to 432 million.
This is certainly a major figure. And when we compare it, X is serving 250 million daily active users per day. Hence, while this app might be more discussed by the public, it still falls behind Snap which has double the user base as Musk’s platform.
Now the question is where this growth is arising from.
Snap did include zero virtual new users from the USA and EU region which continue to be strongholds for the tech giant. We saw the organization unleash more details in the first quarter report, adding how it would surely an effort to better its business in various key revenue sectors.
It’s quite interesting to witness how Snap is curating its own business on this front in different regions of the world. As witnessed on the charts, the company managed to generate $1.2 billion for the second quarter of 2024 and that came from its ‘Rest of the World’ category which went above and beyond the revenue intake for Europe.
If that’s not enough, the company managed to include 432 million more daily active users while hitting the 850 million user milestone. This again is another main growth signal for the platform.
As far as usage is concerned, the company claims the all-time high figures for daily active users are hitting peaks across every region around the globe. This underlines the great potential of Snaps to better user communities. It also spoke about how users’ time spent watching content on the app also rose by 25% YoY.
The company is also busy investing in more AI-related tech such as innovative tools and AR effects. The goal is related to better engagement and making the most of its Gen AI lens called Scribble World. This is mostly viewed more than one billion times in Q2. However, we have to mention that it’s not coming cheap by any means. The price tag is hefty.
As can be seen on the charts, the expenses linked to infrastructure keep rising and the expenses related to spending are also on the rise in regards to promotion and ads. That’s in line with a greater push to enhance interest for advertisers based in America.
We are seeing Snap make even more progress regarding this feedback with bigger and better AI models that can generate accurate results when fed with prompts. These have also been said to be a key factor in better advertising performance.
Now that’s an element to be careful of as the app continues to evolve. Meanwhile, we cannot forget to discuss the Snapchat+ subscription offers that have hit the 11 million mark for subscribers. That grew from 9 to 11 million.
We must add that while changes made to the X app by Musk himself have failed to intrigue users, it’s great to see others like Snap work the opposite. It has caused a push for subscriptions on other platforms where people actually don’t mind paying a little extra to get some premium and exclusive offerings.
All in all, we can see how this great quarter for Snap really has dominated the world of ads, thanks to high usage. There is a lack of growth in key sectors of the industry. Seeing the company capitalize on different opportunities really translates so well.
Now, we’re going to just wait and watch to see what else is new for the platform so stay tuned!
Read next: Amazon Boasts Strong Financial Performance In Q2 Of 2024 With Online Ads Bringing In $12.7 Billion In Revenue
The company boasted a growth in revenue and users as it tried to better its performance for revenue generated through advertising.
While the costs also keep on rising, there is no mention of the latest lineup of products. This includes the advanced series for its Spectacles Glasses. Perhaps it might be keeping that undercover for now, hoping for a grand unveiling during the Partner Summit that’s set to rise next month.
For starters, Snapchat boasted 10 million more daily active users during this time, taking the count to 432 million.
This is certainly a major figure. And when we compare it, X is serving 250 million daily active users per day. Hence, while this app might be more discussed by the public, it still falls behind Snap which has double the user base as Musk’s platform.
Now the question is where this growth is arising from.
Snap did include zero virtual new users from the USA and EU region which continue to be strongholds for the tech giant. We saw the organization unleash more details in the first quarter report, adding how it would surely an effort to better its business in various key revenue sectors.
It’s quite interesting to witness how Snap is curating its own business on this front in different regions of the world. As witnessed on the charts, the company managed to generate $1.2 billion for the second quarter of 2024 and that came from its ‘Rest of the World’ category which went above and beyond the revenue intake for Europe.
If that’s not enough, the company managed to include 432 million more daily active users while hitting the 850 million user milestone. This again is another main growth signal for the platform.
As far as usage is concerned, the company claims the all-time high figures for daily active users are hitting peaks across every region around the globe. This underlines the great potential of Snaps to better user communities. It also spoke about how users’ time spent watching content on the app also rose by 25% YoY.
The company is also busy investing in more AI-related tech such as innovative tools and AR effects. The goal is related to better engagement and making the most of its Gen AI lens called Scribble World. This is mostly viewed more than one billion times in Q2. However, we have to mention that it’s not coming cheap by any means. The price tag is hefty.
As can be seen on the charts, the expenses linked to infrastructure keep rising and the expenses related to spending are also on the rise in regards to promotion and ads. That’s in line with a greater push to enhance interest for advertisers based in America.
We are seeing Snap make even more progress regarding this feedback with bigger and better AI models that can generate accurate results when fed with prompts. These have also been said to be a key factor in better advertising performance.
Now that’s an element to be careful of as the app continues to evolve. Meanwhile, we cannot forget to discuss the Snapchat+ subscription offers that have hit the 11 million mark for subscribers. That grew from 9 to 11 million.
We must add that while changes made to the X app by Musk himself have failed to intrigue users, it’s great to see others like Snap work the opposite. It has caused a push for subscriptions on other platforms where people actually don’t mind paying a little extra to get some premium and exclusive offerings.
All in all, we can see how this great quarter for Snap really has dominated the world of ads, thanks to high usage. There is a lack of growth in key sectors of the industry. Seeing the company capitalize on different opportunities really translates so well.
Now, we’re going to just wait and watch to see what else is new for the platform so stay tuned!
Read next: Amazon Boasts Strong Financial Performance In Q2 Of 2024 With Online Ads Bringing In $12.7 Billion In Revenue
