Snap revenue increases 52% to $679 million in Q3 2020

Snap’s revenue surged 52% year-on-year to $679 million in the third quarter of 2020, according to the latest financial results Snap Inc. released yesterday. The company’s quarter revenue for the Q2 2020 had grown by 17% y-on-y to $454 million.  

While the average number of Snaps created each day increased by 25% compared to the prior year, the number of daily active users increased by 39 million year-over-year in the third quarter of the year to 249 million, up 18%. DAUs increased sequentially and year-over-year on each of iOS and Android platforms. Last quarter, the company had reported a 238 million DAUs with a 17% year-on-year increase. 

Also read: Snapchat (Snap Inc.) Revenue and Usage Statistics (2020)

“Our focus on delivering value for our community and advertising partners is yielding positive results during this challenging time. We’re excited about the growth of our business in Q3 as we continue to make long-term investments in our future,” said Evan Spiegel, CEO of Snap, Inc. “The adoption of augmented reality is happening faster than we had previously anticipated, and we are working together as a team to execute on the many opportunities in front of us.”

Snap’s common shares outstanding plus shares underlying stock-based awards totaled 1,624 million at September 30, 2020, compared to 1,565 million one year ago, according to the earnings release. 

Total daily time spent by Snapchatters watching Shows increased by over 50% year-over-year in Q3 2020. More than 40% of the US Gen Z population watched sports Discover content on Snapchat last month, while SportsCenter viewership on Snapchat increased by 80% from July to September.