Snap Inc's Snapchat on Tuesday beat analysts' estimates for user growt...
- Snap Inc’s Snapchat on Tuesday beat analysts’ estimates for user growth and revenue, getting a boost from a better version of its Android app and the launch of new augmented reality photo lenses.
The latest daily active user figure, widely watched by investors and advertisers, beat analysts’ average estimate of 192.2 million, according to IBES data from Refinitiv. “The popularity of these lenses drew millions of people into our rebuilt Android application, where they experienced the new and improved Snapchat that led to increased engagement,” Chief Executive Officer Evan Spiegel said on the earnings call with analysts.
Snap expects daily active users to be between 205 million and 207 million in the third quarter, Chief Financial Officer Derek Andersen said. Snap emphasized its investment in content on Discover, which increased the time spent on the app by 60% compared with last year, said Kamal Khan, an analyst at financial markets platform Investing.com.
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