Snapchat Inc has reported a 44% hike in revenues for Q4 2019. The messaging platform popular with teens reached $561 million in revenues during the last quarter, falling just slightly short of analyst expectations at $563 million.
Average revenues per user jumped 23% to $2.58 compared to Q4 2018.
Its daily active users rose 4% quarter-on-quarter from 210 million. Daily active users were up 17% from the previous year.
Snap last saw such strong user growth back in Q4 2017 which may be a sign that the app is recovering after a design revamp that left many users feeling uncertain about the app.
Users are also spending more time on Snapchat Discover (up 35% year-on-year).
Snap did not reveal advertising revenues, but said that its ad sales more than tripled year-on-year. Apparently, its Story Ads double during Q4 2019.
Snapchat continues to attract advertisers as it offers more attractive ad options and packages.
The company is committed to monetising through adverts whilst exploring new product features and content. Snap confirmed that it plans to strengthen its AR-based features and brand relationships.
In a statement, the company also said: “We announced that McDonald’s and Coca-Cola are our first brand partners to utilize our Scan camera technology, which combines visual search and augmented reality by recognizing a logo through the Snap camera and providing related AR experiences.”