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 pricetook a 6% jump, but within hours, it plunged down.
Let’s look at the company’s numbers:
While in most departments Snap beat estimates and performed well, Yahoo Finance noted that the average revenue per user and user growth in North Americadidn’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 toits aggressive expansion effortsin 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 toput the Snap camera on as many appsand devices as possible. In February, the company partnered with India’s short video app Moj tobring its AR lenses to the app.
Story byIvan Mehta
Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.“Ivan covers Big Tech, India, policy, AI, security, platforms, and apps for TNW. That’s one heck of a mixed bag. He likes to say “Bleh.”
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