Snap Q3 Users Skyrocket as Revenues Top $1bn

The AR camera firm's daily users have jumped in recent months, according to company earnings reports

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Daily Active Snapchat Users Increase and Revenue Reaches $1 Billion
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Published: October 27, 2021

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Rory Greener

Snap Inc has released its third quarter (Q3) earnings report on Thursday, which revealed the firm had reached $1 billion USD in revenues, up from $982 million USD the previous quarter.

The camera firm predicts its fourth quarter (Q4) revenues may top $1.1 billion to $1.2 billion USD, although Q2 projections expected third quarter earnings between $1.07 to $1.08 billion.

In a statement, Evan Spiegel, CEO of Snap Inc claimed changes to Apple iOS created business disruptions leading to the firm missing its Q3 projections by roughly $3 million USD.

He commented in a call to investors at the time,

“Our advertising business was disrupted by changes to iOS ad tracking that were broadly rolled out by Apple in June and July. While we anticipated some degree of business disruption, the new Apple-provided measurement solution did not scale as we had expected, making it more difficult for our advertising partners to measure and manage their ad campaigns for iOS”

Additionally, the earnings report also found daily active users (DAUs) on its social media app Snapchat have increased to roughly 306 million compared to 293 million reported in Q2.

Advertising on Snapchat

Going forward, Snap plans to more support for brands and marketing teams that want to advertise on the Snapchat platform with its recently launched Arcadia Studio.

The Santa Monica-based firm built Arcadia Studio to produce augmented reality (AR) adverts and provides insights and strategies for clients seeking to access Snapchat’s global audience.

Furthermore, Snap is partnering with leading Metaverse and eCommerce firm Nextech to integrate immersive 3D content at scale via Google’s advert network.

Many businesses have found success with Snapchat, with firms such as Universal Music Group (UMG) signing a multi-year partnership to host its music catalogue on the social media platform.

The AR firm is also working on its own Snap Spectacles AR smart glasses and developers have already begun creating new immersive experiences and opportunities for the hardware.

 

 

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