The company’s shares rose by more than 54%
Snap, the parent company of Snapchat, announced its first quarterly net profit, which increased the company’s share value by more than 54%.
The company reported revenue of $ 1.3 billion in the last three months of 2021, exceeding Wall Street expectations. Net income was $ 22.6 million. About 319 million people signed up for Snapchat daily, an increase of 20% over the same period last year.
The future is in augmented reality
Snap’s earnings in the fourth quarter were inversely proportional to the quarterly performance of Facebook, which was renamed Met. Facebook reported earnings below expectations, and was highlighted by the first drop in daily active users on its core social network.
Snapchat continues to invest more in augmented reality (AR), which allows users to overlap virtual images with their view of the real world. Users can try on clothes, glasses and other accessories using AR. The company also teamed up with Universal and organized its first virtual concert with Jennifer Lopez and Colombian pop singer Malum.
“Augmented reality is one of our most attractive long-term growth opportunities. AR is unique in that it is an interactive experience that brings advertisers a measurable return on investment,” said Jeremy Gorman, Snap’s chief executive.
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