Snapchat parent beats revenue estimates as user base grows GlobeBusiness
DADO RUVIC/Reuters
The figure, widely watched by investors and advertisers, also beat analysts’ average estimate of 187.2 million, according to IBES data from Refinitiv.In an effort to increase the amount of time users spend on the app, Snap, which faces stiff competition from Facebook Inc’s Instagram, launched over 50 new shows in the reported quarter.
Snap’s revenue, which it earns from selling advertising on the app, jumped 39 per cent to $320.4 million and beat Wall Street’s average estimate of $306.6 million.
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