We left Snapchat for dead. Instead, it's thriving by abebrown716
... [+]Rewind a couple years, and something seemed very wrong at Snap Inc.
In 2018, its Android app didn’t work very well, a definite problem when more than two-thirds of the world doesn’t use an iPhone. A redesign flopped, and a staff exodus took place, including senior leaders like Imran Khan, the former chief strategy officer who departed to start an ecommerce startup. Instagramits Stories function and improved it, reducing Snapchat’s allure.
Where Snap once offered up disappointments, it’s now surpassing expecations: Quarterly revenue shot up 116% from a year ago to $982.1 million, 16% more than Wall Street had predicted. The company is still seeing significant growth in its core market, North America, where sales climbed 129% to $701.7 million. In Europe, revenue almost doubled to $152.3 million.
Another all-important number—daily active users—also significantly increased. The company had 293 million such users in the second quarter, a 23% rise. To harken back to the Bad Old Days: When Snap reported second-quarter results in 2018, its data showed it wasTo keep gaining users, Snap has placed a great deal of emphasis on augmented reality and Spotlight, its TikTok competitor.
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