Snap’s revenues rose 66% in Q1 2021 to $769.6 million, according to the company’s latest earnings announcement.
The popular messaging app Snapchat saw its daily average users rise 22% to 280 million.
It also added some 15 million new daily users during Q1 with the majority of them outside of the US and Europe.
The app’s strong demand among its largely younger user base is good news for marketers. Some 65% of US consumers aged between 18 to 29 years said they use Snapchat.
Snap also reveals that over 125 million users were watching videos on Snapchat’s Spotlight – the feature that allows users to share their own video content similar to TikTok.
The company now expects revenues fro Q2 to skyrocket to at least $820 million. That’s a growth of 80% from Q2 2020 ($454 million).
The user growth has led to a higher number of brands launching campaigns on Snapchat during the pandemic.
Earlier this year, the company added a new video takeover advertising feature that lets brands launch video commercials on the app.