(Reuters) – Snap Inc (SNAP.N) on Tuesday beat Wall Street estimates for quarterly revenue and user growth for its Snapchat app, as more people seek entertainment while they stay at home during the global coronavirus pandemic.
FILE PHOTO: A woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) while waiting for Snap Inc. to post their IPO, in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson/File Photo
Snapchat, known for its disappearing messages, said it saw a jump in usage in the last week of March compared with the end of January, as people increasingly used the app to communicate with friends and family. Usage also increased for Snapchat’s original content and in-app games.
Shares of Snap jumped as much as 20% to $14.93 in trading after the bell.
Daily active users (DAU) on Snapchat rose 20% to 229 million in the first quarter ended March 31, compared with a year earlier. The figure stood at 218 million in the fourth…
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