Wednesday , September 1 2021

Snapchat now has more Android users than iOS users

Snap’s great quarter somehow ends with shares taking a dip

Snap posted its Q1 2021 earnings last night, and despite its impressive results, its shares were down nearly 3% in after-hours trading. After the results, the share price took a 6% jump, but within hours, it plunged down.

Let’s look at the company’s numbers:

  • Revenue: $769.6 million vs $744 million estimated; 66% year-on-year growth.
  • Net loss:  $287 million vs $306 million in Q1 2020 ; the wall street estimate was $274 million.
  • Adjusted EBITDA loss: $2 million vs $81 million in Q1 2020.
  • User growth: 280 million vs 229 million in Q1 2020.

While in most departments Snap beat estimates and performed well, Yahoo Finance noted that the average revenue per user and user growth in North America didn’t meet analysts’ expectations.

The company expects that in the next quarter it’ll reach the mark of 290 million daily active users and 80-85% year-on-year revenue growth.

Snap’s CEO, Evan Spiegel, also noted that for the first time in the firm’s history Snapchat has more users on Android than on iOS. This could be due to its aggressive expansion efforts in Android-heavy countries like India. 

The company is also focusing on integrating its camera solution in other apps. Last year, Snap Inc. revealed its desire to put the Snap camera on as many apps and devices as possible. In February, the company partnered with India’s short video app Moj to bring its AR lenses to the app

This Article was first published on thenextweb.com

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