Snapchat, the company responsible for the Snapchat platform, announced this Thursday (22) the company’s financial results for the second quarter of 2021. To the surprise of many, the company registered its best growth performance since 2017.
The revenue collected by the company rose 116% compared to the same period last year, reaching US$ 982 million. The number of active daily users rose 23% and now stands at 293 million — a record annual growth for the brand, with monthly users passing the 500 million mark in May. Both numbers far exceeded market and investor expectations.
Enjoying the moment
According to Snap, the platform grew a lot during the period of the pandemic and started to promote new forms of advertising and integration with brands. In addition, it claims not to have been negatively impacted by iOS 14.5’s new ways of controlling user privacy.
The company, however, did not record a profit in the quarter. On the other hand, it managed to reduce operating losses over the same period last year to $152 million.
For the third quarter of this year, the expectation is now to increase revenue to up to US$ 1.09 billion.