(CNN Business)More time at home has meant more people on Snapchat.

On Tuesday, the social platform announced it had 249 million daily active users at the end of the third quarter, an increase of 18% compared to the same time a year earlier. That figure also increased compared to the previous quarter.

Shares of parent company Snap (SNAP) surged more than 24% in after-hours trading on Tuesday.

Revenue jumped 52% to $679 million compared to the previous year, hitting a record high and exceeding Wall Street’s expectations.

The average number of Snaps — or disappearing photos and videos — created by users each day increased 25% compared to a year ago. Users also spent more time watching the company’s slate of shows: That figure grew by more than 50% year-over-year.

The company had a net loss of $200 million during the quarter.

Snap executives also seemingly threw some shade on Facebook’s (FB) advertiser boycott, which occurred during the most recently completed quarter. In July, the #StopHateForProfit campaign encouraged brands to pause their advertising during the month to protest Facebook’s handling of hate and misinformation on its platform.

Chief Business Officer Jeremi Gorman said Snap “saw many brands look to align their marketing efforts with platforms who share their corporate values.”

“This gave us an opportunity to engage with advertisers and agencies in real time to ensure that our existing partners as well as new prospects understood our offering in relation to our values,” she said in prepared remarks.

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Apple pledges to be 100% carbon neutral by 2030

Apple announced an ambitious pledge Tuesday — unveiling a plan to make all the company’s supply chains and products entirely carbon neutral by 2030. “Businesses have a profound opportunity to help build a more sustainable future, one born of our…

Alstom confirms talks on potential $7 billion Bombardier deal

PARIS (Reuters) – French train maker Alstom (ALSO.PA) has confirmed it is in talks on the possible acquisition of the train business of Canada’s Bombardier (BBDb.TO), a potential $7 billion deal that could help it build scale in the increasingly…

Nikola Motor reveals it received subpoenas from DOJ, SEC

Washington, DC (CNN)Nikola Motor Company, a manufacturer of electric and fuel cell trucks, announced in a regulatory filing Monday that it has received subpoenas from the Securities and Exchange Commission and the Department of Justice in connection to fraud allegations…

Shell slashes dividend for first time since 1940s

LONDON (Reuters) – Royal Dutch Shell RDSa. cut its dividend for the first time in 80 years on Wednesday after a sharp drop in profit as global oil demand collapsed due to coronavirus. “Given the continued deterioration in the macroeconomic…