A massive growth in Snapchat’s revenue and app usage has been reported for Q1 2020, making the stock price grow 20%.

As reported by Axios, analysts estimated Snap’s stock would secure $431 million in revenue, but exceeded this target with a total of $462 million, partly achieved thanks to a 39 million users increase.

It’s worth mentioning, since Snapchat is an app that relies on ads, users spent a lot of time home, exchanging on average 4 billion snaps each day, and watching Discover content 35% more than usual. This is of course attributed to current coronavirus pandemic self-isolation guidelines. However, this colossal increase still wasn’t enough for Snapchat to reach its estimated earnings, taking an $0.08 loss per share compared to the $0.07 that was expected, probably due to its underachieving Q4 2019 results, which saw the company’s stocks drop.

Posted by:Staff