Snap Inc, the parent company of Snapchat released its financial results for Q1 2022. In the first quarter of the year, Snapchat’s daily active users grew 18% Year on Year to 332 million. With these numbers, Snapchat has beaten Facebook and Twitter in adding daily active users.
Earlier this year, Meta reported Facebook has lost daily active users for the first time. Twitter’s monetizable daily active user base grew only 2% in the United States and 15% globally. In comparison to its U.S. counterparts, Snapchat has substantially increased its user base.
Snapchat Q1 2022 Financial Results
In a time when most other social media platforms are losing users or witnessing slow growth Snapchat has managed an 18% year-on-year growth. However, Snapchat growth has also declined as it was above 20% in the last five quarters. It might also become a cause of worry for Snap.
Talking about the Q1 results Snap CEO Evan Spiegel said “Our first-quarter results reflect the underlying momentum in our business through a challenging operating environment, as we grew our community 18% year-over-year to reach 332 million, and grew our revenue 38% year-over-year to reach $1.06 billion for the quarter,”
The biggest concern for Snapchat is revenue. Although the company increased its revenue to $1.06 Billion which is a 38% growth year on year, the loss increased to $360 million. In comparison, the loss was $287 million in the same quarter last year.
As per the Snap CFO, the company was aiming for a 44% growth in revenue but the war between Russia and Ukraine affected its ad revenue. All of a sudden, most advertisers paused their campaigns and it affected the projected growth.
Snapchat adds new representation options
Snapchat has also expanded its representation option by adding three assistive devices to Bitomoji and Snapchat. These devices are hearing aids, cane stickers and wheelchair poses for profiles. For hearing aids, Snapchat has added a variety of colors along with a flexible option to wear them on one ear or both.
Cane stickers are basically Bitmoji stickers with a cane. Lastly, the wheelchair poses for profiles are 3D poses that users can add to their profiles. Snapchat has also announced its Snap Partner Summit next week where the company will launch new products and services.