The most used application by youngsters, Snapchat has just reported that it has seen a tremendous spike in daily users and revenue in the third quarter of 2020. Reportedly, Snapchat's daily active user base has just hit 249 million against 238 million in the last quarter of 2020. The company's revenue has increased by 52 percent which now stands at $679.
The stock of its parent company Snap rose 17.1 percent after bumper quarter results. Operating cash flow improved by $21 million to $55 million in Q3 compared to the prior year.
"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," CEO Evan Spiegel said in a statement late on Tuesday.
"The adoption of augmented reality (AR) 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," he added.
The average number of Snaps created every day grew 25 percent year-over-year.
Also Read: Working in Amazon? You can avail work from home option till June 30
Total daily time spent by Snapchatters watching Shows increased by over 50 percent year-over-year in its third quarter.
"The daily average number of Snapchatters in India watching Discover content increased by nearly 50 percent sequentially in Q3 2020," the company announced.
As of the end of Q3, over 1.5 million Lenses have been created through Lens Studio.
"Our ‘Anime Style' Lens powered by real-time machine learning was engaged with 3 billion times in its first week," the company informed.
Snap said it helped over one million Snapchatters with voter registration for the 2020 US election through its ‘Register to Vote' Mini, developed in partnership with Democracy Works.