Significant Growth in Monthly Active Users
Snap Inc. reached more than 900 million monthly active users, marking progress towards the company's goal of 1 billion monthly active users.
Revenue Increase
Q1 revenue increased 14% year-over-year to $1.36 billion, driven by progress in direct response advertising solutions and Snapchat+ subscription business.
Strong Performance in Direct Response Advertising
Direct response advertising revenue grew 14% year-over-year, contributing to 75% of total advertising revenue.
Growth in Snapchat+ Subscribers
Snapchat+ subscription revenue increased 75% year-over-year, reaching $152 million with nearly 15 million subscribers, an increase of 59% year-over-year.
Profitability and Cash Flow
Snap reported $108 million in adjusted EBITDA and $114 million in free cash flow in Q1, reflecting improved profitability and expense discipline.
Expansion of Augmented Reality Platform
Snap has expanded its AR platform with new features for developers, including global positioning system integration and advanced hand tracking capabilities.