Snap posted a 15% increase in revenue to $US1.373 billion for the September quarter, as total active advertisers more than doubled.
Daily active users increased 9% to 443 million. Average revenue per user was $3.10, up from $2.93 in the same quarter last year.
The progress on direct-response advertising and the growth of Snapchat+ subscription business contributed to total revenue growth.
However, brand-oriented advertising revenue was down 1% with weak demand from some consumer discretionary verticals including technology, entertainment and retail.
“I’m proud of the team’s progress this quarter, delivering strong community growth and deepening engagement while driving improved financial performance,” said Evan Spiegel, CEO.
“Our investments in AI and AR are powering new creative experiences for our community and driving innovation across our advertising platform, underpinning our long term growth opportunity.”
Snapchat+ reached 12 million subscribers, more than doubling year-over-year.
Snap is in the early stages of experimenting with two new ad formats, Sponsored Snaps and Promoted Places.
The company expects full year growth of 11% to 15%.
September quarter 2024 numbers:
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