Snap's turnaround gets a boost as lockdown spurs usage [CNNMoney.com]
Meta Platforms, Inc. - Class A (FB)
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Source: CNNMoney.com
Snap's turnaround gets a boost as lockdown spurs usage San Francisco (CNN Business) Snapchat's resurgence continues, with global lockdowns due to the coronavirus outbreak leading to a spike in usage. The photo and video sharing app saw a 20% spike in daily active users in the first quarter of 2020 compared to the same period last year, for a total of 229 million users, parent company Snap said Tuesday while announcing its first quarter earnings. Snap's ( SNAP ) stock surged around 20% in after-hours trading. The company said the coronavirus outbreak has led to increased interaction between Snapchat users in recent weeks. "Communication with friends increased by over 30% in the last week of March compared to the last week of January, with more than a 50% increase in some of the geographies that were most impacted," it said. Read More The company also reported a 44% increase in revenue for the quarter, to $462 million, beating analyst expectations. Snap's promising
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