While Facebook (now
Snap (parent company of Snapchat) grew its revenue 38 per cent year-over-year to reach $1.06 billion for the quarter that ended March 31, 2022.
"Our first quarter results reflect the underlying momentum in our business through a challenging operating environment," said
"We remain focused on providing value for our growing community, delivering ROI for our advertising partners, and investing against our enormous opportunity in augmented reality," he said in a statement late on Thursday.
The company said it was set to gain 44 per cent growth since Q1 2021. However, the Russian invasion of Ukraine has hit its advertising revenues.
"We believe the impact of the war in Ukraine on input costs, marketing budgets and overall economic competence has been significant, and that it is difficult to predict its impact on a forward-looking basis," Snap CFO
The company said that over 250 million Snapchatters engaged with Augmented Reality (AR) every day on average.
"Total daily time spent by Snapchatters aged 25 and older engaging with shows and publisher content increased by more than 25 per cent year-over-year," it added.
"We observed a 350 per cent increase in the number of Spotlight submissions using creative tools or
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