Snap Inc. (NYSE: SNAP) is witnessing a remarkable surge in its shares on the US stock market during the current trading session, marking a notable increase of 26.62% to $14.44 as per the latest update. This upward momentum in SNAP stock followed unveiling of its promising financial outcomes.
After close of the trading session yesterday, Snap Inc. (SNAP) disclosed its financial performance for the quarter ending on March 31, 2024. The value SNAP has delivered to its community and advertising partners has translated into enhanced financial results.
The substantial, expanding, and elusive community, coupled with a brand-safe environment and comprehensive advertising solutions, have positioned SNAP as an increasingly crucial ally for businesses across various scales.
Snap reported a 21% year-over-year surge in revenue, amounting to $1.195 billion, while the net loss also saw improvement, decreasing to $305 million from $329 million in the previous year. SNAP has experienced growth and deepened engagement with its community, evident in the Daily Active Users (DAUs) reaching 422 million in Q1 2024, marking an increase of 39 million, or 10%, year-over-year.
The total time spent viewing Spotlight content surged by over 125% year-over-year. Notably, the expansion of the Snap Star program has significantly driven engagement in North America, with the total time spent viewing Stories from Snap Stars increasing by more than 55% year-over-year in the region.
In Q1, the company onboarded over 1,500 Snap Stars, contributing to quarter-over-quarter growth in Story posts, Spotlight posts, and Stories time spent for Snap Stars worldwide. SNAP introduced novel tools aimed at empowering the community to craft more creative Snaps, including fresh Creative Templates, the capability to post lengthier videos, and access to AI-powered AR Lens creation.
Moreover, SNAP continued to invest in its augmented reality platform, focusing on Generative AI models and automation for ML and AI Lens creation, resulting in a surge of more than 50% year-over-year in the number of ML and AI Lenses viewed by Snapchatters.
