The financial results for the first quarter of the year show that the company is growing faster than its competitors. The first loss in daily active users was reported by Meta last quarter, as well as a 2% growth in the U.S. and 15% growth internationally.
For the five previous quarters, the company's user growth exceeded 20%. Even though its revenue increased, it is still more concerned with its finances. The company said it was on track to hit 44% growth since Q1 2021, but noted that after Russia invaded Ukraine on February 24, many advertisers paused their campaigns. Most advertisers resumed their campaigns within 10 days, but the disruption still had a negative impact on the company's revenue.
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 its impact on a forward- looking basis, according to Andersen.
Apple's big privacy change was the reason why Snap missed its revenue goals. Most users chose not to give up more personal data to the apps they use after being presented with a choice to opt-out of off-app tracking. The company indicated that it still depends on Apple for ad revenue.
The product itself is betting big on augmented reality experiences. The company said that it has 332 million daily active users, which is a large chunk of its total. In this quarter, there have been improvements to augmented reality shopping, as well as community-generated experiences for local landmarks.
The company is planning to announce some new products and services at the event, according to CEO Evan Spiegel.
Snap finally did it, y’all
Snap says iOS privacy changes hit its ad business harder than expected
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