Snapchat's user growth lapped other social media platforms – Morning Brew

Snap, the parent company of Snapchat, released its Q1 earnings on Thursday and, while it just narrowly missed revenue targets, its daily-active-user growth is lapping Facebook and Twitter. Snap’s brisk growth over the past five quarters is a big win for the little ghost that, in 2016, many thought could have disappeared for good after Instagram copied its iconic Stories feature.Snapchat’s 332 million daily users is an 18% bump over the past year and a major dunk on Twitter’s 217 million. What’s Snap doing right? It’s captured Gen Z hearts and downloads. It has 90% adoption for users aged 13–24 in the US, UK, and the Netherlands.It did this by perfecting its messaging platform and leaning into augmented reality features, according to journalist Alex Kantrowitz. Snap reported that 250 million users use its AR functions every day. Here’s where it got tripped up: Snap grew revenue by 38% this year, but said that Russia’s invasion of Ukraine scared advertisers into pausing campaigns for a little over a week, denting sales. The platform is also still reeling from Apple’s 2021 privacy update that limits ad tracking on iPhones.—MM
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