The second-quarter results of Snapchat show a small decline in business, but nothing alarming so far amidst the coronavirus pandemic

Recently, Snap Inc, the parent company of the famous social media app Snapchat, announced the financial results of their second quarter of the year 2020.

The good news is that even amidst the global coronavirus pandemic, Snapchat’s popularity has remained unaffected. There has been a notable increase in the operating cash flow from $29 million to $67 million. Not only this, but the influx of daily active users has increased by 17% too, which makes almost around 35 million newly added active daily users from all over the globe.

However, the anticipated influx of these daily active members by the financial analysts of Snap Inc. was around 20%, instead of 17% in the second quarter. This means that instead of the anticipated 239 million users in total, Snapchat has now 238 million total users.

In business, a slight change in figures matters a lot, and this drop of percentage from the anticipated value shows that the business did get slow for Snapchat after all during the ongoing pandemic. But that does not mean that it is some kind of alarming situation, because on the other hand, if the stats of one year are taken into account, it is clearly shown that Snapchat saw a revenue increase by 17% in the second quarter of the year 2020, which is greater than what it was last year. However, the net loss this year is also greater, as compared to the previous year.

More users are inclining towards Snap’s Discover content since last year too with a 40% increase in users above the age of 35 years old who are engaging with the Discover.

The CEO of the company, Evan Spiegel is not worried about these stats at all, and he still believes that Snapchat is doing an amazing business even during the trying time of COVID-19. He also told the press that he and his team will be bringing in new, more exciting, and far more thrilling experiences for the Snap community soon.

While he was at it, Evan Spiegel mentioned a little about these new upcoming features in Snapchat in the press release. Some of these innovative features include a voice scan option that will allow the users to activate their Augmented Reality Snapchat Lenses with their voices.

Amongst other features, some new camera partners have been added by Snap in PlantSnap, Dog Scanner, and Nutrition Scanner to provide exciting experiences to the users.

Snap has also included some local lenses with an option that allows them to share virtual reality experiences throughout the world. Apart from this, a music lenses option to add songs and music to the lenses has also been included.

Some other innovative features include a complete Camera Kit for the developers to access the AR features and machine learning models for the creators through a feature called SnapML. Snapchat is also partnering with Google’s Depth API to bring in more depth in its lens templates.

Read next: Snapchat Rolls Out Minis, 4 Mini Apps Have Been Added On the Social Media App
Previous Post Next Post