Snap: Daily active users increased 17% year-on-year to 238 million in 2Q20

Snap's 2Q20 revenue reached $454 million, exceeding market expectations, but its user growth rate was only 17%, lower than market expectations. When the market generally expected SNAP to benefit from the COVID-19 pandemic and its user base should have soared, Snap's low user growth rate undoubtedly failed to satisfy investors. After the financial report was released, the stock price fell 6% on the same day, and the market value fell to $34.1 billion.

Revenue increased by 17% and losses narrowed further

In 2Q20, Snap's revenue increased by 17% year-on-year to US$454 million, and the per capita monetization level was US$1.91, which was flat year-on-year.

Gross profit margin increased to 47% from 46% in the same period last year, and operating loss rate narrowed to -68% from -79% last year, with little change.

The net loss was $326 million, compared with a loss of $255 million in the same period last year.

Daily active users increased by 17%, and the average number of users opened the app 30 times per day

Daily active users reached 238 million, up 17% year-on-year, with a net increase of 35 million, with growth in North America, Europe and the rest of the world. The average daily usage per person exceeded 30 times.

Users' use of content discovery platforms continues to increase

The number of daily active users watching content series increased by 45% year-on-year, and the number of daily active users over 35 years old using Discovery Channel increased by more than 40% year-on-year.

Integrate content from Washington Post, ESPN and BuzzFeed to provide real-time aggregate news.

Content partnerships with Disney, ESPN, NBC, ViacomCBS, the NBA, and the NFL.

Original content studio Wave and Barcroft Studios, a leading creator of sports and lifestyle content, has more than 50 million monthly active users on the Snap platform.

The company continues to invest in cameras and augmented reality platforms

180 million users use augmented reality platforms every day.

Add partners like PlantSnap, Dog Scanner, and Nutrition Scanner to enhance the user experience.

Released Voice Scan, providing users with voice interaction to call filter functions.

Launched Local Lense to support third parties to create geolocation filters.

Innovative service support community

Launch Snap Minis, similar to WeChat mini-programs.

Improve the Snap Map experience, which currently has more than 200 million monthly active users, by launching Places, which provides local businesses with updates, business hours, reviews, delivery options, and more.

Over 800 apps have integrated Snap Kit, and over 150 million snap users use these integrations every month.

Since its launch in April 2019, more than 100 million users have played Snap Games.