Snapchat Overtakes Twitter and Facebook as Social Media with the Largest Revenue

Snapchat parent company Snap, releases first quarter financial results for 2022, as Social Media with the largest Revenue.

This shows that it is growing faster than its fellow US-based competitors Facebook (now Meta) and Twitter.

Because Snapchat in 2022 will get Daily Active Users, with a percentage of 18% YoY 332 million.

At the same time increased for the previous five quarters, with user growth exceeding 20%.

It was strong as Meta reported its first loss in the last quarter (DAU). Meanwhile, Twitter’s monetizable DAU grew by 2% in the US and 15% internationally.

But Snap is more concerned with its revenue, even though it increased 38% year-on-year to $1.06 billion.

The company said it was on track to achieve 44% growth since Q1 2021 but noted that after Russia invaded Ukraine on February 24, many advertisers halted their campaigns.

Snap CFO Derek Andersen said via TechCrunch that most advertisers return to campaigns within 10 days, but the disruption still has a negative impact on 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 based on foresight,” Andersen said.

Snap also missed its revenue target in Q3 2021, citing Apple’s major iOS privacy changes as the cause.

After iOS users were given the option of opting out of tracking outside of the app, most users chose not to give up more personal data to the apps they use, impacting Snapchat and Facebook’s ad businesses.

The company points out that it still takes into account the shape of this curve for Apple in terms of advertising revenue.
Snap also explained that 250 million Snapchatters engage with AR features every day, which is a sizeable share of the total 332 million Daily Active Users.

This quarter, Snap has rolled out improvements to AR shopping, as well as community-generated AR experiences for local landmarks.

Next week, Snap is hosting its annual Snap Partner Summit, and according to CEO Evan Spiegel, the company plans to announce several new products and services at the event.

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