Social media platform Snapchat is growing faster than Facebook and Twitter and in its latest quarterly report, the platform said it grew its daily active users (DAUs) 18 per cent to 332 million (year-on-year).
While Facebook (now Meta) had reported its first loss in the number of DAUs last quarter, Twitter's monetizable DAUs grew only by 2 per cent in the US and 15 per cent globally.
Snap (parent company of Snapchat) grew its revenue 38 per cent year-over-year to reach $1.06 billion for the quarter that ended March 31, 2022.
"Our first quarter results reflect the underlying momentum in our business through a challenging operating environment," said Evan Spiegel, CEO.
"We remain focused on providing value for our growing community, delivering ROI for our advertising partners, and investing against our enormous opportunity in augmented reality," he said in a statement late on Thursday.
The company said it was set to gain 44 per cent growth since Q1 2021. However, the Russian invasion of Ukraine has hit its advertising revenues.
"We believe the impact of the war in Ukraine on input costs, marketing budgets and overall economic competence has been significant, and that it is difficult to predict its impact on a forward-looking basis," Snap CFO Derek Andersen said during the earning's call.
The company said that over 250 million Snapchatters engaged with Augmented Reality (AR) every day on average.
"Total daily time spent by Snapchatters aged 25 and older engaging with shows and publisher content increased by more than 25 per cent year-over-year," it added.
"We observed a 350 per cent increase in the number of Spotlight submissions using creative tools or Lenses compared with Q1 2021," the company informed.