Snap released its first-quarter 2022 financial results showing faster growth than its US rivals Meta and Twitter. Meta reported its first loss to active user presence in the last quarter, while Twitter grew 15% globally.
Reporting from TechCrunch (22/4), Snap, Snapchat’s parent company, experienced an 18% year-over-year growth in daily active users to 332 million. The company says the 250 million users who engage with AR features on a daily basis make up a sizeable share of its total 332 million daily users.
They also noted that previously they had lost revenue because many advertisers stopped their campaigns after the Russian invasion of Ukraine. Snap CFO Derek Andersen said most advertisers restarted campaigns within 10 days, but the disruption was still negatively impacting the company’s quarterly revenue.
“We believe the impact of the war in Ukraine on input costs, marketing budgets and overall economic competence has been significant, and it is difficult to predict the impact on the foresight,” Andersen said on Snap’s earnings call.
Snap also missed its revenue target in Q3 2021 due to Apple’s major iOS privacy changes. After iOS users were given the option of opting out of tracking outside of the app, most users opted not to hand over more personal data to the apps they use, impacting Snapchat and Facebook’s ad businesses.