Snap Shares Jump on Strong Q1 User Growth
Coronavirus-related lockdowns may be problematic for most in-person businesses, but they've been a boon for social media name Snapchat. Parent company Snap (NYSE: SNAP) reported after Tuesday's close that the app's number of daily average users grew 20% year over year during the quarter ending in March. The figure now stands at 229 million versus 190 million at this point last year.
User growth was outpaced by revenue growth. The top line grew 44% to $462 million, and while the company remains in the red, last quarter's operating loss of $286 million was less than the $316 million loss booked for the comparable quarter of 2019. Operating cash flow of $6 million was a sizable swing from the year-ago negative cash flow of $66 million. EBITDA grew as well.
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Source Fool.com
