Twitter and Snap add users as restrictions ease

Social media firms Twitter and Snap are continuing to add users even as pandemic restrictions ease.Snapchat’s number of daily users topped 293 million in the three months to the end of June, beating analysts’ expectations.And Twitter reported it passed the 200 million mark for daily active users who view adverts on its platform in the same period, up 11% year-on-year.Both California-based companies also saw revenues increase.Snap owns the mobile app Snapchat, best known for its video and photo “stories” that disappear after 24 hours. The firm reported revenues more than doubling to $982m (£713m).”Our second-quarter results reflect the broad-based strength of our business, as we grew both revenue and daily active users at the highest rates we have achieved in the past four years,” Snap boss Evan Spiegel said.The company was, however, still $152m in the red, down from $326m in net losses for the same period in 2020.Meanwhile, micro-blogging site Twitter said sales rose 74% year-on-year to $1.19bn, generating a profit of $65.7m for the company.This is the first time Twitter’s advertising revenues have passed the $1bn mark. The firm said it had invested in making advertising campaigns easier to buy into for small and medium-sized businesses.”As we enter…
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