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Snapchat Q1 2023 Report

Snapchat Q1 2023 Report

Snapchat Q1 2023 report shows good potential, in terms of ongoing usage growth, but also, some significant concerns on the revenue side.

Firstly, Snap added 8 million more total daily actives in Q1, taking it to 383 million daily users.

Snap does, however, continue to gain momentum in the ‘Rest of World’ category, with Indian users, in particular, warming to the app. As connectivity and accessibility increases in the region, along with other developing markets, Snap’s gradually expanding its footprint, which bodes well for its future prospects.

But right now, in terms of revenue, not so great.

In the words of Snapchat,

“Q1 revenue was particularly challenged, as we implemented significant changes to our ad platform that were disruptive to demand. While the macroeconomic environment has shown signs of stabilization, it continues to be a headwind to growth. Our brand-oriented business was down 12% year-over-year and our direct-response (DR) business was down 9% year-over-year.”

Snap’s system costs are also rising:

In terms of usage trends, Snapchat says that Spotlight, its TikTok-like feed of short-form video content, has seen significant growth, with more than 350 million monthly active users now engaging with Spotlight content, up 46% year-over-year.

Overall, it’s not a great report card from Snap, but it’s pretty much in line with expectations, given the broader economic impacts that Snap has warned investors about previously.

You can read the complete Snapchat Q1 2023 report here.

Snapchat Q1 2023 Report Snapchat Q1 2023 Report Snapchat Q1 2023 Report

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